Thus Section 89 under the Income Tax Act has been incorporated by the Government which comes as a benefit in this context as this law permits thetax deductionfor the other tax burden on the employees obtaining the salary arrears. As per section 89(1), the tax deduction/relief has been furn...
Standard deduction on salaryDepreciation u/s 32 of the Income-tax act except additional depreciation. Professional tax Interest on housing loan (Section 24)Any allowance for travelling for employment or on transfer Deduction under Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section ...
Which tax regime is best for employees? The existing tax slab regime is best, which allows you to get tax exemption under different sections of the income tax act. If you choose a new tax regime then you don’t get any tax exemptions. It just simplifies the taxation process, but you ne...