DEDUCTION UNDER THE HEAD SALARY – Semantic Taxgen Pvt Ltd
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DEDUCTION UNDER THE HEAD SALARY

Deductions are allowed to tax payer for reducing their tax liability. With the help of deductions assesse can avail benefit of low tax payment in a legal manner.

For the betterment of taxpayer government has introduced multiple sections in act and amends or inserts new sections on timely manner. In spite of chapter VI A government allowed some standard deduction in each head of income.

  1.  Standard Deduction u/s 16(i):-

As per section 16(i) government allowed 50,000 as direct deduction without any condition and limit to all class of employee whether he is employed under government or non-government entity.

But an employee who is work under more than one employer deduction amount is restricted to Rs 50,000 for all multiple salary income.

  • Deduction for Entertainment Allowance  u/s 16(ii):-

Deduction for entertainment allowance is applicable only for government employees to the extent of the lower from the followings.

  1. Actual allowance received
  2. 1/5 of salary {Note}
  3. 5,000 per annum

Note: – Meaning of salary- only basic pay (all allowance and perquisites to be excluded)

  • Deduction for Professional Tax u/s 16(iii):-

Deduction for professional tax is applicable for all class of employee whether government or non government.

  1. Paid by employee himself:-

Directly deduct from gross salary

  • Paid by employer on behalf of employee:-

Firstly treat it as perquisites and added back in the salary and there after reduce it from gross salary.

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