Section 16 of ITA, 1961 : Section 16: Deductions From Salaries
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma is a government employee earning an annual salary of ₹6,00,000. He receives an entertainment allowance of ₹20,000 for the year. Additionally, he pays a professional tax of ₹2,500 to the state government. Here's how Section 16 of the Income-tax Act, 1961 would apply to him:
- Under clause (ia), Mr. Sharma is eligible for a standard deduction of ₹50,000 from his salary income...
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