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Computation of Income from Salary under Income Tax Law with Tax Planning (Special Features about Pensioners) (As Amended by Finance Act, 2021)

Computation of Income from Salary under Income Tax Law with Tax Planning (Special Features about Pensioners) (As Amended by Finance Act, 2021)

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Description
Income from Salary is one of the important heads of income under the ; Income Tax Act, 1961. Salary taxpayers are amongst our most educated and conscientious taxpayers. Lack of awareness amongst them is often cited. They have been in particular, keen to know about the exemptions, reliefs and deductions available to them. The provisions regarding salaries are as much subject to instability as other provisions in the income-tax law by way of statutory amendments, instructions, circulars from time to time and the ever flowing precedents from the courts and the Tribunal, All these have been discussed in this book. This book is an attempt to help the salary taxpayers by explaining the provisions relating to calculation of income from Salary in an easy-to-understand language. I would like to place on record a special note of gratitude to Sh. Ashok Kumar Manchanda, IRS, who has been the guiding force for this venture and a constant source of inspiration in my life. I also express my thanks to Commercial Law Publishers who reposed confidence in me and readily agreed to be publishers of this book. They have done a good job in making this volume attractive, acceptable and useful. In a work of this magnitude on a volatile subject there will always be scope for further improvements and embellishments. This would be possible only with the feedback from the readers. I welcome your constructive suggestions and comments for making it more useful to the different segments of the society. It is hoped that this First Edition will prove to be very useful for the Salary tax payers
and receive widespread patronage.
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Contents
Chapter 1 Introduction
Chapter 2 Meaning of Salary
Chapter 3 Basis for Charging Income under the head Salaries
Chapter 4 Prequisites
Chapter 5 Profits in Lieu of Salary
Chapter 6 Salary not Treated as Salary
Chapter 7 Income which do not from Part of total Income
Chapter 8 Treatment of retirement Benefits
Chapter 9 Treatment of Various Allowances
Chapter 10 Treatment of Various Funds
Chapter 11 Treatment of Salary of foreign citizen
Chapter 12 Deductions from Salary
Chapter 13 Deduction from Gross Total Income of Salary
Chapter 14 Taxation of Pensioners
Chapter 15 Deduction from Tax Liability
Chapter 16 Income -Tax deduction from Salaries
Chapter 17 Computation of Salary Income
Chapter 18  Direct Tax Rates (From Astt. Years 2006 - 2007 to 2019 - 20)
Chapter 19 Important Forms
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Author Details

Ram Dutt Sharma, got his post-graduation (M.Sc.) from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and presently working as Income Tax Officer in Faridabad. He worked at various stations of North-West Region of Income Tax Department. He has wide experience of all wings of Income Tax Department such as assessment unit, Special Range, TDS Wing, Investigation Wing, Intelligence and Criminal Investigation etc. He has been contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations. He is the author of number of books on direct taxes, namely Computation of income from salary under income tax law with tax planning, Computation of income from house property, Formation and Management of Charitable and Religious Trust, Educational and Medical Institutions under income-tax law, Taxation of Non-Resident Indians under income-tax law etc. which have been highly appreciated by the readers.
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