#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

#section15 #salaries #incometax #incometaxact #salariedincome Section 15 of the Income Tax Act, 1961 states that the income of an assessee is to be charged under the head of “Salaries”. It states that the following income shall be chargeable under the head “Salaries” in income tax:- Salary due from a former employer or a current employer in the previous year, whether it is paid or not; Salary paid or allowed in the previous year by a former employer or current employer or pai