Section 16 Income Tax Act
Understanding Your Form 16 Income Tax Return Income Tax Filing Taxes
Understanding Your Form 16 Tax Forms Income Tax Return Income Tax
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Due Date To File Income Tax Return Ay 2016 17 Fy 2015 16 Simple Tax India Income Tax Return Tax Return Income Tax
What is section 16.
Section 16 income tax act. Deductions from salaries the income chargeable under the head salaries shall be computed after making the following deductions namely. 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. In section 16 of the income tax act after clause i as omitted by section 6 of the finance act 2005 18 of 2005 the following clause shall be inserted with effect from the 1st day of april 2019 namely.
Now all employees will get a standard deduction of 40 000 p a. 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. Section 16 of income tax act 1961 2017 provides for deductions from salaries.
50 000 or the amount of salary whichever is less for computing his taxable income. New standard deduction under section 16 ia applicable for f y 2018 19 a y 2019 20 onwards deduction under section 16 ia states that a taxpayer having income chargeable under the head salaries shall be allowed a deduction of rs. An act to make provision for the imposition of an income tax.
Under this new provision of the income tax act a taxpayer who has income that is chargeable under the head salaries should allow deduction of rs 40 000 or the salary amount whichever is less for the computation of the taxable income. Section 16 in the income tax act 1995 16. 21 1 for the purposes of this section paragraphs 18 11 b 60 j j 1 and l 74 5 12 a 146 01 3 a and 146 02 3 a and parts x 1 and x 5 and for the purposes of section 214 1 of the income tax regulations a contribution made by an individual to an account of the individual or of the individual s spouse or common law partner.
Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed.
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