WebDeductions from Salary Income (a) Professional/ Employment tax levied by the State Government (b) Standard Deduction of Rs. 50,000 (c) Entertainment Allowance: Deduction in respect of this is available to a government employee to the extent of Rs. 5,000; or 20% of his salary; or actual received, whichever is less. Valuation of Perquisite WebAug 25, 2024 · Employment income includes salaries, bonuses, allowances, perquisites, and benefits in kind. Certain benefits in kind are accorded preferential rates, which are less …
Income from Salaries - WIRC-ICAI
WebTaxable value of perquisites i. If house property is owned by the employer, the taxable value of perquisite shall be: A. 15% of salary, if population of city where accommodation is … WebAgainst 'salaries' 16(ia) Standard Deduction [Rs. 50,000 or the amount of salary, whichever is lower] Individual – Salaried Employee & Pensioners: ... (in the nature of purchase of … the wailing movie explained
Allowable salary deductions - Ministry of Manpower …
WebDEDUCTIONS FROM SALARIES [SECTION 16] 1. Standard Deduction [Section 16(ia)] A standard deduction is allowed against the salary income subject to a limit of ₹ 50,000/- or the amount of salary whichever is less. 2. ... SALARY, PERQUISITES AND PROFITS IN LIEU OF SALARY [SECTION 17] Web46 minutes ago · Perquisites, also known as perks or fringe benefits, are additional benefits or advantages that an employee receives from their employer in addition to their salary or wages. Examples of perquisites include company cars, housing, stock options, health insurance, and travel allowances. In India, perquisites are subject to taxation. WebEntertainment allowance according to law, deduction of 1/5 of salary or Rs. 5,000 whichever is less under section 16 (ii) of income tax act. HRA up to 40% of basic salary (50% in case … the wailing movie in the theater near by me