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Income Tax - Highlights / Catch Notes

Home Highlights February 2013 Year 2013 This

Salary terminology - computation of gratuity and leave ...

Income Tax

February 4, 2013

Salary terminology - computation of gratuity and leave encashment - definition of 'salary' is squarely and specifically applicable to section 10(10) and 10(AA)and, hence, any other definition of 'salary' cannot be imported and applied to such sections. - AT

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  1. Provision for leave salary encashment and gratuity was made by the assessee on the basis of actuarial valuation done by actuary and these are considered as ascertained...

  2. Disallowance of provision for gratuity and leave encashment - in case of trust, the meaning ‘applied’ need not be construed as ‘spent’. It includes the necessary...

  3. Computation of MAT u/s 115JB - Addition towards delayed payment of gratuity and leave encashment - in computation of book profit only provision for unascertained...

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  5. Taxability of Arrears of leave encashment - As there is not much difference in the language of section 10(10)(i) and 10(10AA)(i) and the view taken in respect of arrears...

  6. TDS u/s 192 - exemption towards leave encashment - There is no reason for them to think that its estimate of employee’s income under the head “Salaries” was incorrect as...

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  9. Exemption limited increased to Rs. 25,00,000 against Leave encashment by the employees other than an employee of the Government - Income Tax Notification

  10. Leave encashment - whether not an ascertained liability and thus liable to be added to the “book profit” under explanation 1 to Section 115 JB - MAT - Held no - HC

 

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