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Clubbing Of Income
While computing the Income from Salary in clubbing chapter, Do we have to provide Standard Deduction of RS40,000 (SEC 16ia) from salary part?
Replies (1)
procedures for total income
1. determination of residential status
2. computation of income Under each five heads (salary, HP, PGBP, capital gains and other sources)
-salary after computation of income Under the head salary. deduction u/s16 is allowed
-section 16 (ia) deduction of RS 40,000 or actual salary, which is less is allowed as deduction
3. aggregation of income
4. application of clubbing provisions
5. set-off / carry forward and set-off of losses
6. gross total income
7. deduction from GTI
8. Total income
1. determination of residential status
2. computation of income Under each five heads (salary, HP, PGBP, capital gains and other sources)
-salary after computation of income Under the head salary. deduction u/s16 is allowed
-section 16 (ia) deduction of RS 40,000 or actual salary, which is less is allowed as deduction
3. aggregation of income
4. application of clubbing provisions
5. set-off / carry forward and set-off of losses
6. gross total income
7. deduction from GTI
8. Total income
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