Admissible Deductions from Income for Salaried Employees

Admissible Deductions under Chapter VI A and Section 16 of Income Tax Act 1961 Deductions from Salaries under Section 16 of Income Tax Act Entertainment Allowance [Section 16(ii)]: A deduction is  also  allowed under  section  16(ii)   in respect of any allowance in the nature of an entertainment    allowance   specifically    granted by an employer to the…

Income Not included under the Head Salaries for computing Income Tax

Income Not included under the Head Salaries for computing Income Tax under Section 192 of the Income Tax Act 1961 Want to Calculate your Income Tax for the year 2014-15 (A.Year 2015-16) ? Click here to reach GConnect Income Tax Calculator 2014-15 Any income falling within any of the following clauses shall not be included…

Perquisites covered under Income Tax Act

Perquisites covered under Income Tax Act – Circular 17/2014 dated 10.12.2014 Want to Calculate your Income Tax for the year 2014-15 (A.Year 2015-16) ? Click here to reach GConnect Income Tax Calculator 2014-15 Perquisites includes: I.         The value of rent free accommodation provided to the employee by his employer; II.        The value of any concession…

Income Tax Deduction from Salaries during FY 2014-15

Income Tax Deduction from Salaries during FY 2014-15

Income Tax Deduction from Salaries during FY 2014-15 under Section 192 of Income Tax 1961 – Circular No: 17 / 2014 issued by Income Tax Departmant Income Tax Department has issued Circular No: 17/2014 dated 10.12.2014 for Income Tax Deduction from Salaries during the Financial Year 2014-15 (Assessment Year 2015-16) under Section 192 of Income…