Section 16 Income Tax
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The title or contents topics covered under sections 1 to 298 of income tax act 1961 as amended by the latest finance act.
Section 16 income tax. Section 16 of income tax act 1961 2017 deductions from salaries chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income. Now all employees will get a standard deduction of 50000 per annum. Deduction under section 16 ia states that a taxpayer having income chargeable under the head salaries shall be allowed a deduction of rs.
Professional tax if paid by employee deduction is allowed from gross salary if paid by employer tax so paid should be included in gross salary as perquisite then deduction can be claimed from gross salary. Now all employees will get a standard deduction of 40 000 p a. Deductions under section 16.
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. Entertainment allowance section 16 ii the entertainment allowance is initially included under the head salaries in the salary income and. Deductions u s 16 of the act from the income from salaries.
Deductions from salaries the income chargeable under the head salaries shall be computed after making the following deductions namely i 1 2 a deduction of 3 4 a sum equal to thirty three and one third per cent of the salary or 3 fifteen thousand rupees whichever is less. Starting from the year 1961 cbdt has omitted various sections by the relevant direct tax laws amendment acts. Standard deduction section 16 i ia the salary amount or.
Section 16 inter alia provides for certain deduction in computing income chargeable under the head salaries. Deduction of entertainment allowance. A deduction is also allowed under section 16 ii 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 perquisite or five thousand rupees whichever is less.
Section 16 of income tax act 1961 2017 provides for deductions from salaries. The income that is chargeable under salaries head is computed after the following deductions under section 16. However it is proposed to allow a standard deduction upto rs 40 000 or the amount of salary received whichever is less.
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