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The authority under the EPF Act held that the special allowance was to be included in basic wage for deduction of provident fund. The Single Judge of Calcutta High Court set aside the order. The Division Bench initially after examining the salary structure allowed the appeal on 13.01.2005 holding that the special allowance was a part of ...
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
Cost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses a company (organisation) spends on an employee during one year. It is calculated by adding salary to the cost of all additional benefits an employee receives during the service ...
Growing and manufacturing tea in India: 40%: 60% Sale of latex, latex-based crepe or brown crepe manufactured from field latex or coalgum obtained from rubber plants grown by a seller in India: 35%: 65% Sale of coffee grown and cured by an Indian seller: 25%: 75% Sale of coffee grown, cured, roasted and ground by an Indian seller: 40%: 60%
On 26 August 2021, PFRDA increased the entry age for the National Pension System (NPS) from 65 years to 70 years. As per the revised norms, any Indian Citizen, resident or non-resident, and Overseas Citizen of India (OCI) between the age of 18–70 years can join NPS and continue or defer their NPS Account up to the age of 75 years. [6]
The form is a declaration by the assessee. The format is specified by the Income Tax Department of India. Form 10BA applies to a certain section of assessees who are required to claim deductions under section 80GG. This declaration is filed by the assessee himself. Rule 11B specifically applies to the use of Form 10BA. [1]
The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill was later scrapped. [1]
The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9] The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees' Provident Fund Scheme, 1952