Deduction under Section 16 of the Income Tax Act: Understand the benefits and eligibility criteria with Excel Income Tax preparation software for government and non-government employees for F.Y.2023- 24 and A.Y.2024-25. Exemption under Section 16 of the Income Tax Act: Understanding Benefits and Eligibility Criteria | Therefore, The Income Tax Act of 1961 provides various exemptions to taxpayers […]
Section 16 of the Income Tax Act 1961| With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
Section 16 of the Income-tax Act, 1961 provides for the deduction of taxable income under the head ‘salaries’. Provides deductions for the standard deduction, entertainment allowance and employment tax. With this deduction, an employee can reduce his taxable income from his taxable salary. Therefore, Also, with the recent changes in the standard deduction, the benefit of this section is […]
Exemption U/s 16 – standard deduction| With Automated Income Tax Master of Form 16 Part A&B for the F.Y.2021-22
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 […]
