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THE DEDUCTIONS FROM SALARY INCOME UNDER SECTION 16?

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Hi I am planning to write CA exam. May I know THE DEDUCTIONS FROM SALARY INCOME UNDER SECTION 16?

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Dipti commented about 3 years ago

Dear, Ganesh... Section 16 is the Income Tax Act For Salary Deduction ... Income Tax Act (section 16) provides allowable deductions from All Salary income. In section 16 (Income Tax Act) there are all 3 deductions (two now) Under Section 16, provided in three different clauses. all these three clauses are given below. * Clause A of Section 16 Allows a Standard Deduction, * Clause B of section 16 Allows Deduction For Entertainment Allowance. * Clause A Of Section 16 Allows Deduction For Professional Tax .

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Entertainment Allowance [Section 16(ii)]: 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. No deduction on account of entertainment allowance is available to non-government employees.

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Hie Gunesh, Section 16 - deduction from salary income ----------------------------------------- The income chargeable under the head "salaries" is computed after making the following deductions: 1) Standard deduction 2) Entertainment allowance 3) Professional tax 1) **Standard deduction** - Deleted by Finance Act 2005 2) **Entertainment allowance -** For govt employees- the deduction is least of the following:- a) actual amount received during the year b) 20% of salary c) 5,000 3) **Professional tax** - Any amount paid by the employee shall be allowed as deduction in the year of payment . If professional tax of employee is paid by the employer then first it shall be included in the gross salary of all employee and then deduction shall be allowed u/s

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