prasad (student) (36 Points)
20 September 2011Hiii friends...
i would like to know about all deductions and exemptions of income tax while filling IT return...plz explain me about sec 16 & 24. are they still in force??? or they have been eliminated?? can i have standard deduction from "salaries" head while filling return??? if so, Plz specify the limitations....Thanks in advance
CA CS CMA Sanjay Kumar Sareen
(Professional Faculty)
(186 Points)
Replied 20 September 2011
The IT deductions are available in Chapter VI A of The Income Tax Act. These are certain Deductions which need to be made from Gross total Income to arrive at the Total Income.
For Salaries No standard deduction is available from 2006-07 onwards. However under section 24 for Income from House Property standard deuction is available @ 30 % irrespective of any expenditure incurred. However no standard deduction is available for one self occupied property and property mentioned in sec 23(2)(b)
Regards
Sanjay Sareen
Faculty of Commerce studies,Delhi
CAclubindia
