Webb10 apr. 2024 · debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points) Replied 11 June 2024 However, the employee can claim maximum Rs. 100 per month as exemption or Rs. 1200 per annum. The exemption is allowed for a maximum of 2 children. WebbThe amount of professional tax collected does not exceed Rs.2500 per annum. Under Section 16 (iii), a deduction from salary can be claimed by the taxpayer on account of professional tax paid. The deduction for professional tax will be allowed in the year in which the tax is actually paid by the employee.

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Webb29 nov. 2024 · The Income Tax Act, 1961 allows professional tax paid by you as a deduction from your total salary income. So, you should take advantage of this provision … WebbDeductions from Profits and Gains of Business or Profession The following table can be used to identify the items which can be claimed as a deduction under the head profits and gains of business or profession: Expenses Deductible Based on Actual Expenditure flesh and blood itv 3

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WebbIt is constantly advised to taxpayers including Indian entities and foreign entities to abreast of relevant provisions under income tax law in India to claim the benefit of tax deduction … Webb15 juni 2024 · 1. Deduction is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000 12. This maximum limit of Rs. 1,50,000 12 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD. 2. The sums paid or deposited need not be out of income chargeable to tax of the previous year. WebbProfessional Tax. The entire professional tax paid by the employee is allowed as a deduction from taxable income. Investments under Section 80C, 80CCC and 80CCD. … flesh and blood la gi