Income Tax Section 16
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Now all employees will get a standard deduction of 50000 per annum.
Income tax section 16. It is proposed to allow a standard deduction upto rs 40 000 or the amount of salary received whichever is less. Deductions under section 16. Section 16 is a rule within the securities exchange act of 1934 sea that articulates the regulatory filing responsibilities that directors officers and principal.
I ii a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the government a sum equal to one fifth of his salary exclusive of any allowance benefit or other. Entertainment allowance section 16 ii the entertainment allowance is initially included under the head salaries in the salary income and. All these three clauses are given below.
Deductions under section 16 can only be claimed if you have salary income or pension. In section 16 income tax act there are all 3 deductions two now under section 16 provided in three different clauses. Standard deduction section 16 i ia the salary amount or.
Deduction of entertainment allowance. Section 16 is the income tax act for salary deduction. Section 16 of income tax act 1961 2017 provides for deductions from salaries.
Deduction u s 16 ia states that a tax payer having income chargeable under the head salaries shall be allowed a deduction of 40 000 or the amount of salary whichever is less for computing his total income. The standard deduction which is rs 40 000 whichever is low. Deduction under section 16 ia states that a taxpayer having income chargeable under the head salaries shall be allowed a deduction of rs.
The income that is chargeable under salaries head is computed after the following deductions under section 16. What is section 16. 50 000 or the amount of salary whichever is less for computing his taxable income.
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