Exemption U/s 16 standard deduction of the Income-tax Act, 1961 Therefore, Section 16 of the Income-tax Act, 1961 provides for deduction from taxable income under the heading ‘Salary’. It gives exemption for standard deductions, entertainment allowances and professional taxes. Through this deduction, a salaried taxpayer can reduce his taxable salary income as taxable. Further, with the recent […]
Income Tax Section 80GG – exemption on paid rent| With Automatic Income Tax master of Form 16 for the F.Y.2021-22 as per Budget 2021
Income Tax Section 80GG is a exemption under Chapter VI-A of the Income-tax Act, 1961. It is intended to provide relief to those who do not receive a house rent allowance but are paying rent to stay. Thus, a person can claim a deduction for the rent paid even if he does not receive a house rent allowance. Therefore, […]
What is salary certificate Form 16? With Automatic Income Tax Form 16 Part B for the F.Y.2021-22
What is salary certificate Form 16? Form 16 is a salary certificate which issued U/s 203 of the Income-tax Act which deducts withholding tax (TDS) from the income from ‘Salary’. It is issued after deduction of tax by the employer from the salary of an employee and submission to the government. The form 16 salary certificate includes a […]
What is Income Tax Form 16? With automatic income tax revised master of Form 16 Part A and B for F.Y.2020-21
What is Income Tax Form 16? Form 16 is nothing more than a salary certificate issued by your company that provides information about the salary you received in the financial year and the amount of TDS deducted from your salary. In that case, the income from your annual salary exceeds the basic tax deduction limit; […]