According to Parizad Sirwalla, partner (tax), KPMG, the withdrawal of annual tax free transport allowance and medical reimbursements has squared off the benefit on account of standard deduction.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
Besides making property more expensive, these also affect the existing owners with higher taxes
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
Returns for income earned till FY12-13 can be filed till March 31.
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