Under Section 16 Ii
Government Publication Entitled Munitions Of War Act 1915 Current Job War Acting
In Order To Lower Your Income Tax Liability You Must Claim Tax Deductions And Take Exemption For Various Investments You Have Made Income Tax Income Deduction
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The income that is chargeable under salaries head is computed after the following deductions under section 16.
Under section 16 ii. Deduction of entertainment allowance. Deduction under section 16 ia states that a taxpayer having income chargeable under the head salaries shall be allowed a deduction of rs. The standard deduction which is rs 40 000 whichever is low.
50 000 or the amount of salary whichever is less for computing his taxable income. Actual entertainment allowance received for the previous year. Deduction allowable to govt.
Section 16 ii in the income tax act 1995 ii 6 a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted to the assessee by his employer. Employees only to the extent of the least of the following. 20 of salary exclusive of any allowance benefit or other perqisite.
Deductions under section 16. Section 16 ii some employees are required to incur expenditure on the entertainment tea etc of customers clients etc. 16 ii entertainment allowance is first included in salary income under the head salaries and thereafter a deduction is given on the basis enumerated in the following paragraphs.
Standard deduction section 16 i ia the salary amount or.
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