WebExplanation in EASYWAY!!!!Clear understanding of Deductions from Salary1. Standard Deduction2. Entertainment Allowances3. Profressional Taxes Latest updates... WebJun 19, 2024 · Standard deduction of Rs. 50,000 for salaried and pensioners taxpayers including other deduction will not be available under the new tax regime and assessee have to pay tax at lower rates of income tax. Standard Deduction in New Tax Regime- So, standard deduction defined under section 16 (ia) of Rs. 50,000 for AY 2024-22 and AY …
Section 10 Of Income Tax Act: Exemptions, Allowances & How To …
WebTax consequences after implementing IFRS 16 Finance lease The tax law on treatment of finance leases remains the same. Section 59 of the ITA provides for tax consequences of a finance lease and these will continue to apply for finance leases. If the lease under IFRS 16 does not meet the definition for a finance lease under the ITA, then it is WebCurrently, the standard deduction offered under Section 16 of the Income Tax Act is a flat deduction of Rs. 50,000 on the taxable income of salaried employees and pensioners irrespective of their earnings. There are two key points that you should keep in mind about standard deduction in income tax under Section 16 of the Income Tax Act, 1961: 1. fasteners information
IRAS Business expenses and deductions
WebYour tax return will be automatically prepared. You can match each item with the field number in your Form-16. 1. Gross Salary. 2. Exempt allowances under section 10. 2 (a). Income claimed for relief under section 89A. Note that you should submit Form 10EE to the Income Tax Department in order to claim this relief. WebSep 25, 2013 · Actual amount received DEDUCTION FROM SALARY INCOME UNDER SECTION 16 53. 54. • Under this scheme, a stipulated sum is deducted from the salary of the employee as contribution towards the … WebMar 26, 2024 · Standard deduction; Deduction on entertainment allowance paid by your employer; Deduction on the professional tax of the salary income; Standard deduction under Section 16(ia) – Under Section 16(ia), the standard deduction is a flat deduction allowed on your salary income.It replaced the transport and medical allowance deductibles and was … fasteners india