The payment of a retired employee’s pension is not dependent on the employer’s whims and fancies, held the Kerala High Court saying that it is the employee’s constitutional right, if not a fundamental right. Justice VG Arun called pension ‘deferred salary’ saying that this right should be ...
Many financial deadlines were extended by their respective departments in September. However, there are a few money deadlines that have not been extended and from October 1, 2023, the new rules have come into force. Here is a list of deadlines that have been extended, and a few that have not been ex...
Gratuity is a payment received by an individual for their past services rendered to an organization, typically before or upon their retirement. In the Income Tax Act of 1961, there are provisions that determine the taxability of gratuity amounts. These provisions differentiate between government emp...
Non-reporting of foreign shares and other foreign assets held by you in your income tax return (ITR) can cost you a lot of money. An individual can be held liable for violation of the Black Money Act, 2015. Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax A...
The amount that you contribute through your employer towards your provident fund every month not only helps create a retirement corpus for you but also financial security net for your family. Besides monthly pension paid to employees at retirement (58 years of age), it is also paid to family members...
As per the Income Tax Act 1961, certain categories of taxpayers are required to get their accounts audited for income tax purposes. An audit of books of accounts may also be required under other laws such as the Companies Act, 2013, etc. Despite similarities between the two types of audits, an incom...