Section 16 of the Income Tax Act 1961| With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23

 Section 16 of the Income-tax Act, 1961 provides for the deduction of taxable income under the head ‘salaries’. Provides deductions for the standard deduction, entertainment allowance and employment tax. With this deduction, an employee can reduce his taxable income from his taxable salary. Therefore, Also, with the recent changes in the standard deduction, the benefit of this section is extended to a higher amount. There is also no hassle in submitting travel and medical bills, making them easy to claim. In this article, we will discuss each part of the 16 subtraction. Normal payroll deduction…

Exemption U/s 16 – standard deduction| With Automated Income Tax Master of Form 16 Part A&B for the F.Y.2021-22

Exemption U/s 16 standard deduction of the Income-tax Act, 1961 Therefore, Section 16 of the Income-tax Act, 1961 provides for deduction from taxable income under the heading ‘Salary’. It gives exemption for standard deductions, entertainment allowances and professional taxes. Through this deduction, a salaried taxpayer can reduce his taxable salary income as taxable.  Further, with the recent revision of the standard deduction, the benefits of this section have been greatly increased. Also, there is no hassle of paying bills for travel and treatment, which makes it much easier to claim. The exemption…