Webb16 juni 2024 · 3. Professional Tax or Tax on Employment [Section 16(iii)] Some Indian states levy a professional tax or direct tax on employment under article 276(2) of the … Webb21 nov. 2024 · As per section 16 (ii), Government employees can claim a deduction for entertainment allowance by considering the lowest from the following: 20% of an individual’s basic salary Rs.5,000 Entertainment …
Deduction from Salary - Income Tax Act - Income Tax 2024-20
WebbAs per section 16 (iii), a deduction of any sum paid by the assessee, on account of a tax on employment, shall be allowed. The deduction will be allowed in the year in which the tax is actually paid by the employee. Note : 1. Where professional tax is paid by the employer on behalf of the employee, it will first be included in his gross salary ... Webb1 jan. 2024 · Analysis of Section 16 (2) (aa) of CGST Act. Earlier there were only 4 conditions, on satisfaction of which ITC was allowed to be availed by the recipient i.e. a) Possession of Invoice or Debit notes. b) Receipt of Goods or Services. c) Furnishing of return under section 39. for lease by owner lafayette la
Section 16(ii) of the Income Tax Act - Marg ERP
Webb2 okt. 2024 · Input Tax Credit Provisions under Section 16(2) CGST Act, 2024 From 01-10-2024 after considering amendments vide notification 18/2024 – Central Tax dated 28-09 … Webb2 mars 2024 · Taxation of Perquisites under Section 16(ii) The valuation of perquisites under Section 16(ii) depends on the nature of the perquisite. For example, the value of … Webb10 mars 2024 · Section 16 (iii): Tax on Employment or Professional Tax The employment tax is covered under clause (2) Article 276 of the Constitution of India and is determined … for lease college park md