WebSection 7 – Deductions from Wages. Notwithstanding the provisions of the Railways Act, 1989 (24 of 1989), an employer must pay the wages of an employed person without deductions of any kind except those specified under the Payment of Wages Act, 1936. A deduction can be made only in the following manner. 1. Fines (explained in Section 8) WebMar 1, 2024 · Deduction: A deduction is any item or expenditure subtracted from gross income to reduce the amount of income subject to income tax . It is also referred to as an …
Income Tax Deductions & Exemptions under Sections 80C - Forbes
Web25 minutes ago · ITAT Delhi held that eligible deduction under section 11 of the Income Tax Act cannot be denied merely on the basis of technicalities. Facts- The assessee is a charitable trust filed return of income. Since the income of the assessee trust has not been fully utilized during A.Y. a sum of Rs. 34,73,758/- was accumulated or set apart for … WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at … scientific board member
No penalty shall be leviable under section 271C of IT Act …
WebApr 14, 2024 · Read Order: In Re: Ms. Cadila Pharmaceuticals Ltd Chahat Varma. New Delhi, April 14, 2024: The Authority for Advance Ruling (AAR) in Gujarat has held that if provision for food is made to employees at the factory then the subsidized deduction made from the employees for the same would not be considered as 'supply' under the … WebMar 9, 2024 · In this case, the interest allowed as deduction under section 24 will be: Pre-construction interest = 10% of INR 5,00,000 for 6 months (from 1.10.2024 to 31.03.2024) = INR 25,000. Pre-construction interest is allowed in 5 equal instalment of INR 5,000 from the completion of construction i.e. in this case P.Y. 2024-2024. WebDeductions under Section 16. Section 16 of the Income Tax Act provides three different types of tax deductions on salary income. These deductions help lower the tax liability. The deductions under Section 16 include the following: Standard deduction. Deduction for entertainment allowance paid by the employer. prawn bolognese