Income tax deductions for self employed person fy 2016-17
This query is : Resolved
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
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
(Expert)
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.
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.
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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 .
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