I am receiving Pension Income Rs.487600/- While Filing ITR - 1 Iam showing Salary Rs. 487600/- then it shows deduction U/s 16(ia) as Rs. 40000/- after that it shows my salary as Rs. 447600/- i want to know what is this dedcution and i can deduct the 40000/- directly from Pension Rs.487600/- ( 487600-40000) Total GFrsoo Income Rs. 447600/- or i want to increase Rs. 40000 ( 487600+4000) and show the salary as Rs. 527600/- and deduct the U/s 16(ia)
Menu
Deduction u/s 16 (ia)
Replies (3)
No increase of any amount. You can deduct standard deduction of amount 40000/- from the actual pension amount and pay tax over Rs. 447600/-
You dont have to increase any amount. Pay tax on 447600. 40000 is a standard deduction benefit available
standard deduction benefit is applicable to all employees
Recent Threads
- Gst me रजिस्ट्&
- Discuss and Download CA Inter Question Paper Janua
- Discuss and Download CA Final Question Paper Janua
- Accounting Entry for samples received from princip
- Many of my clients who are bank employees received
- Missed filing for AY 2022-23. TDS refund possible
- Form 26QB: Assessment Year Based on Payment Date o
- Revision of Tax Audit
- IT Return 2023-24
- LUT for Companies Using EVC and Not DSC?
Related Threads
CAclubindia
