I am a Govt. employee and filed my return to Income Tax Department. What all Deduction is avilable for me from my salary income?
The following deductions from salary income are admissible as per Section 16 of the Income-tax Act.
(i) Professional/Employment tax levied by the State Govt.
(ii) Entertainment Allowance- Deduction in respect of this is available to a government employee to the extent of Rs. 5000/- or 20% of his salary or actual amount received, whichever is less.
It is to be noted that no standard deduction is available from salary income w.e.f. 01.04.2006 i.e. A.Y.2006-07 onwards.
Your 403b contribution is the made deduction.
ReplyDeleteChris
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