Section 16 of Income Tax Act, 1961- Deductions from salaries.
#section16 #incometaxact #deductions #salaries The Income Tax Act of 1961, Section 16, allows for a deduction from income subject to tax under the heading "salaries." It offers deductions for professional taxes, entertainment expenses, and the standard deduction. A salaried taxpayer can reduce their taxable salary income that is subject to tax by using this deduction. Before your net taxable income, Section 16 of the Income Tax Act is applicable. As a result, before determini