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Articles by Sensys Technologies

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Computation of TDS in case employee is working under two employer in same year

  Sensys Technologies    17 June 2015 at 10:35

Cases where an employee work under two employer in a single financial year Normally an employee is employed under employer during whole financial year and thus no problem arises in deduction of TDS from salary. In this case all information relating t

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Posted in Income Tax  6 comments |   29415 Views


Simplified income tax return forms

  Sensys Technologies    05 June 2015 at 10:43

A New Form ITR 2A is proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income. In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than

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Posted in Income Tax  2 comments |   17649 Views


Abolition of levy of wealth-tax under Wealth-tax Act, 1957

  Sensys Technologies    21 May 2015 at 10:52

History of Wealth Tax ActWealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks.Acc

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Posted in Income Tax |   7824 Views


Taxability of Provident Fund

  Sensys Technologies    14 May 2015 at 11:01

Employees� provident fundProvident fund scheme is as a retirement benefit scheme. Under this scheme, a stipulated sum is deducted from the salary of the employee as his contribution towards this fund. The employer also generally contributes sim

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Posted in Others  1 comments |   22314 Views


Public Provident Fund - Best investment destination

  Sensys Technologies    01 May 2015 at 10:27

Introduction PPF is money that will be yours forever. Knowledge of the different features of the PPF account will help you when you want to take a loan against the account, withdraw from the account, re-activate a discontinued account etc. Here an a

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Posted in Others  14 comments |   23370 Views


How to open PPF Account

  Sensys Technologies    30 April 2015 at 10:20

How to open a PPF account Step 1: Head over to your nearest State Bank of India branch, or a branch of any of State Bank's subsidiaries. You can also open an account in select nationalized banks and the post office. Further, some private banks such a

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Posted in Others  15 comments |   24678 Views


House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA)

  Sensys Technologies    09 October 2014 at 12:20

House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valuation based taxation and added to total income of employee presumptive basis

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Posted in Income Tax  13 comments |   38289 Views


Holding Period of flat shall be calculated back from date of allotment and payment of first installment

  Sensys Technologies    25 September 2014 at 11:23

This paper is written to high light the impact of recent High Court decision in Ms Madhu Kaul & CIT w.r.t. point of time when an assessee starts holding a real estate property. The decision will beneficially impact those assessee who are entering

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Posted in Others  1 comments |   13779 Views


Impact on Employees of Enhancement of Wage ceiling from Rs. 6500/- to Rs. 15000/-

  Sensys Technologies    24 September 2014 at 10:38

Vide notification dated 22.08.2014 Ministry of Labour and employment has enhanced the ceiling of wage from Rs. 6500/- to Rs. 15000/- for the computation of contribution

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Posted in Others  13 comments |   30648 Views


Gratuity - Taxation Issues

  Sensys Technologies    22 September 2014 at 11:32

Income tax assumes gratuity as capital receipts and exempts gratuity receipts up to Rs 10,00,000. This means that you need not to pay tax, subject to some conditions, for gratuity receipts up to Rs 10 Lakhs. Gratuity beyond this limit is paid by emp

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Posted in Income Tax  1 comments |   11697 Views