Income Tax Deduction U/s 16 of the Income-tax Act, 1961 Section 16 of the Income-tax Act, 1961 provides deduction from taxable income under the heading ‘Salary’. Therefore, It offers discounts for standard deductions, entertainment allowances and professional taxes. Through this deduction, a salaried taxpayer can reduce his taxable salary income applicable to tax. Furthermore, with the recent revision of the standard deduction, the advantage of this section has been extended to a greater extent. Also, there is no hassle of paying bills for travel and treatment which makes it quite…
Thursday, September 28, 2023
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