R-122: Deductions available under Section 16 of the Income Tax Act, 1961 related to salaries. These deductions help reduce your taxable income and, in turn, lower your overall tax burden. Here are the key deductions: Standard Deduction (Section 16 (ia)): Employees in India are eligible for a standard deduction. This deduction is either ₹50,000 or their total salary, whichever amount is lower. Entertainment Allowance (Section 16 (ii)): Entertainment allowance received by an employee is fully taxa
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R-122: Deductions available under Section 16 of the Income Tax Act, 1961 related to salaries. These deductions help reduce your taxable income and, in turn, lower your overall
CA Devesh Thakur. . R-122: Deductions available under Section 16 of the Income Tax Act, 1961 related to salaries. These deductions help reduce your taxable income and, in turn, lower your overall tax burden. Here are the key deductions: Standard Deduction (Section 16 (ia)): Employees in India are eligible for a standard deduction. This ...
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