Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Income tax deductions for self employed person fy 2016-17

Save Share

This query is : Resolved

Haritha (Querist)
Follow

13 October 2016 Dear Sir,

For an individual self employed person what exemptions will be there for income Tax FY 2016-17
His Income is Rs.6.5 lakh , and TDS received Rs.21000/- ( 94H ) & Rs.23000/- ( 94J).
expenditure : living in rent house , persuing M Tech regular basis and paying fee around 2 Lakh , having 50 thousand LIC policy . Kindly provide the information about this.

Harita Srinivas

Kajal Jain

Kajal Jain (Expert)
Follow

13 October 2016 Since the individual is in a self employed business,there are many deductions which can be claimed.
Rent is allowed.
Travelling,electricity,telephone,if paying salary to any one.

LIC can also be allowed as a exemption under chap.VI A.
TDS can be claimed from tax payable.

Message likes : 1 times

Haritha

Haritha (Querist)
Follow

17 October 2016 Thank you Kajal Jain . this means the Tution fee he is paying for his M Tech studies Rs.2 Lakh will not be exempted .

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now