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Showing 1 to 20 of 351 Records Search Text: rebate medical expenses |
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1998 (4) TMI 105 - GUJARAT High Court The court held that medical expenses and telephone expenses reimbursed to managing directors should be disallowed under section 40A(5) as benefits, but premiums for accident insurance policies were not disallowed. Expenditure on a feasibility report for a new project was deemed capital, not deductible. Depreciation for RCC roads was allowed, but development rebate was not. Relief under section 80-I for machinery was remanded for reconsideration due to misapplication of legal provisions. The court corrected errors and disposed of the reference with no order as to costs.
1982 (2) TMI 26 - CALCUTTA High Court The court ruled in favor of the petitioner, holding that the reopening of the assessment under Section 147(b) was invalid as it was based on the Revenue Audit's opinion, which did not constitute new information. Additionally, the rectification under Section 154 was not permissible as there was no mistake apparent from the record. The court made the rule absolute with no order as to costs.
The circular provides guidelines for income tax deduction from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2004-2005. It outlines tax rates based on income brackets and details the surcharge and education cess applicable. Employers are responsible for deducting tax at source, with provisions for non-monetary perquisites and multiple employers. The document explains various deductions, exemptions, and rebates available under different sections, including those for housing loans, medical expenses, and specific allowances. It emphasizes compliance with documentation requirements, such as TDS certificates and annual returns, and highlights penalties for non-compliance.
The circular outlines the tax deduction process under Section 192 of the Income-tax Act, 1961, for salaries during the financial year 2003-2004. It specifies the income tax rates applicable based on income brackets, with no tax for incomes up to Rs. 50,000 and varying rates for higher incomes. A surcharge applies for incomes exceeding Rs. 8.5 lakh. Employers can opt to pay tax on non-monetary perquisites. The circular details procedures for handling multiple employers, arrears, and deductions for house property interest. It also covers tax exemptions, deductions under Chapter VI-A, and rebate entitlements, emphasizing compliance and documentation requirements for employers.
Instructions for Deduction of Tax at Source From Salary The circular outlines the procedures for deducting income tax from salaries for the financial year 2002-2003, as per Section 192 of the Income-tax Act, 1961. It specifies tax deduction rates based on income slabs, with no tax for incomes up to Rs. 50,000, and increasing rates for higher incomes. A surcharge applies for incomes exceeding Rs. 60,000. Employers may opt to pay tax on non-monetary perquisites. The circular also covers tax deductions related to multiple employers, arrears, and various allowances, along with exemptions under specific sections. It mandates the issuance of TDS certificates and emphasizes compliance with PAN and TAN requirements.
The circular outlines the instructions for the deduction of tax at source from salaries for the financial year 2001-2002 under section 192 of the Income-tax Act, 1961. It specifies the income tax rates applicable for different income brackets, with no tax for income up to Rs. 50,000, and varying percentages for higher income levels. A surcharge of 2% is applicable for income exceeding Rs. 60,000. The circular also addresses tax deduction procedures for employees with multiple employers, relief under section 89, and the inclusion of other income. It provides guidelines for calculating perquisites, exemptions, deductions under Chapter VI-A, and tax rebates. Additionally, it emphasizes the responsibilities of employers in deducting and remitting taxes, issuing TDS certificates, and maintaining proper documentation.
The circular outlines the procedures for tax deduction at source from salaries for the financial year 2001-2002 under Section 192 of the Income-tax Act, 1961. It specifies the rates of income tax, exemptions, and applicable surcharges. Employers must deduct tax based on estimated salary income, considering exemptions like house rent allowance and medical reimbursements. The document also details the responsibilities of employers regarding tax deductions, issuance of TDS certificates, and compliance with filing requirements. It includes guidelines for calculating perquisites and deductions under various sections, providing examples for clarity. Penalties for non-compliance with tax deduction rules are also highlighted.
Circular No. 24/2022 issued by the Central Board of Direct Taxes outlines the guidelines for income tax deduction from salaries under Section 192 of the Income-tax Act, 1961 for the financial year 2022-23. It specifies the rates of tax deduction, the definition of salary, perquisites, and profits in lieu of salary, and the method for tax calculation. The circular also details the responsibilities of employers in deducting and depositing tax, issuing TDS certificates, and the consequences of non-compliance. Additionally, it provides information on exemptions, deductions under Chapter VI-A, and procedures for filing TDS statements.
The circular issued by the Government of India outlines the guidelines for income-tax deduction from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2021-22. It details the tax deduction process, rates of tax applicable as per the Finance Act, 2021, and the responsibilities of employers in deducting and remitting tax to the government. The document includes definitions of salary components, perquisites, and profits in lieu of salary, along with exemptions and deductions available under various sections of the Income-tax Act. It also provides information on the calculation of tax liabilities, procedures for filing TDS statements, and penalties for non-compliance.
1998 (4) TMI 108 - GUJARAT High Court The Supreme Court held guarantee commission paid to ICICI as revenue expenditure, disallowing it. Telephone and medical expenses were treated as 'perquisite' and disallowed. Foreign tour expenses were considered capital expenditure. Disallowance of telephone expenses and insurance premium was upheld. Development rebate at 25% for machinery division was allowed. Legal expenses for resisting higher compensation were deemed capital expenditure. The Income-tax Officer's power to revise draft assessment order was upheld. Loss due to fluctuation in foreign exchange was considered capital expenditure. All questions were answered against the assessee.
1983 (3) TMI 112 - ITAT DELHI-B The appeal was partly allowed, with specific directions given for each issue. The Tribunal upheld the allowance of depreciation for the Ballabgarh unit, directed the working out of depreciation for the Batala unit based on records, confirmed the deduction under Section 80J, denied the additional claim of deduction for land used for agricultural purposes, allowed the development rebate subject to reserve creation, disallowed sales promotion expenses, directed verification of medical expense reimbursements, limited car expense disallowance to perquisite value, and dismissed the appeal on various small expenses.
The circular issued by the Central Board of Direct Taxes outlines the guidelines for income tax deduction from salaries for the financial year 2020-21 under Section 192 of the Income Tax Act, 1961. It specifies the rates of tax deduction applicable to different income brackets, including special rates for senior citizens. It also introduces Section 115BAC, offering concessional tax rates subject to certain conditions. The document details the responsibilities of employers in deducting tax at source, including the issuance of Form 16 and the requirement to obtain evidence for various deductions and exemptions claimed by employees. Additionally, it covers the procedural aspects of filing tax deduction statements and the penalties for non-compliance.
The circular issued by the Government of India's Ministry of Finance outlines the procedures and rates for income tax deductions from salaries for the financial year 2019-20 under Section 192 of the Income-tax Act, 1961. It specifies the tax rates applicable to different income brackets, including special rates for senior citizens. It also details the surcharges and health and education cess applicable to the tax. The document provides guidelines on the calculation of tax deductions, including the treatment of perquisites, salary from multiple employers, and relief for arrears. Employers are instructed on their responsibilities for deducting and depositing taxes, issuing certificates, and filing quarterly statements. The circular also explains various deductions under Chapter VI-A and the conditions for claiming them.
The circular outlines the income tax deduction from salaries for the financial year 2015-16 under Section 192 of the Income-Tax Act, 1961. It specifies the tax rates applicable based on income brackets and age categories, including normal rates, rates for senior citizens, and very senior citizens. It details the surcharge and education cess applicable on income tax. The circular also explains the method of tax calculation, employer responsibilities for tax on perquisites, and handling of salary from multiple employers. Deductions under various sections like 80C, 80D, and 80G are elaborated, along with the process for filing TDS statements and issuing Form 16. Penalties for non-compliance and procedures for corrections in TDS filings are also addressed.
The circular outlines the income tax deduction procedures for salaries during the financial year 2014-15 under Section 192 of the Income Tax Act, 1961. It specifies the tax rates applicable as per the Finance (No. 2) Act, 2014, including normal rates and those for senior citizens. It also details the surcharge and education cess applicable, along with the method of tax calculation. Employers are instructed on deducting tax at source, handling salary from multiple employers, and providing relief for arrears or advance salary. The document also covers deductions under Chapter VI-A, including those for life insurance, provident fund contributions, and medical expenses, among others.
1984 (11) TMI 124 - ITAT DELHI The Tribunal made various decisions in the case, including upholding the disallowance of a payment as a donation, inclusion of excess sales tax as income, disallowance of certain expenses related to guest house and entertainment, and allowing deductions for legitimate business expenses such as car maintenance, holiday home expenditure, and legal fees for share disputes. Additionally, the Tribunal upheld decisions on development rebates, depreciation allowances, and commission payments, while reversing a decision on foreign currency exchange rate fluctuations.
The circular issued by the Government of India outlines the procedures for income tax deduction from salaries under Section 192 of the Income-Tax Act, 1961, for the financial year 2016-17. It details the applicable tax rates as per the Finance Act, 2016, based on income slabs and age categories, including surcharges and education cess. The circular also explains the responsibilities of employers in deducting tax, providing options for tax payment on perquisites, and handling multiple employers. It includes guidelines for deductions under Chapter VI-A, such as insurance premiums and contributions to pension funds, and emphasizes the need for accurate documentation and compliance with tax laws.
PRE-BUDGET MEMORANDUM – 2025 - DIRECT TAXES AND INTERNATIONAL TAXATION The Institute of Chartered Accountants of India (ICAI) has submitted a Pre-Budget Memorandum for 2025 focusing on Direct Taxes and International Taxation. The memorandum includes suggestions for rationalizing the Income-tax Act, 1961, reducing litigation, easing compliance burdens, and improving tax collection. Key recommendations include introducing a new income head for shares and securities, enhancing standard deductions based on inflation, extending tax deferral for ESOPs to all start-ups, and revising provisions for capital gains and business income. It also calls for adjustments in the taxation of companies, firms, and individuals, and suggests measures to promote climate change mitigation and social security benefits for taxpayers.
The circular outlines the tax deduction process from salaries for the financial year 2017-18 under Section 192 of the Income Tax Act, 1961. It specifies the applicable tax rates for different income brackets, including special rates for senior citizens. It also details the surcharge and education cess applicable on income tax. The document provides guidelines for employers on calculating and deducting tax at source, considering various exemptions and deductions under Chapter VI-A of the Act. It includes instructions for filing TDS returns, issuing Form 16, and handling non-monetary perquisites. The circular emphasizes compliance with PAN requirements and outlines penalties for non-compliance.
2016 (9) TMI 856 - ITAT MUMBAI The Tribunal upheld the disallowance of expenses on doctors' overseas tours, citing prohibition under Indian Medical Council Regulations and public policy. The Tribunal allowed the Revenue's appeal on ad-hoc disallowance of physician sample expenses, remanding the issue for further verification by the Assessing Officer to determine if the samples were for testing new products or sales promotion.
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