DEDUCTIONS WHICH ARE ALLOWED UNDER INCOME TAX ACT, 1961

DEDUCTIONS WHICH ARE ALLOWED UNDER INCOME TAX ACT, 1961

FOLLOWING ARE THE EXPENSES WHICH ARE ALLOWED AS DEDUCTION

1. IN RESPECT OF INTEREST, IF ANY EXPENDITURE IS INCURRED BY WAY OF COMMISSION OR REMUNERATION FOR REALISATION OF SUCH INCOME.
2. IN RESPECT OF FAMILY PENSION, 33.33% OF PENSION OR Rs 15,000 WHICHEVER IS LESS IS ALLOWED AS DEDUCTION
3. IN RESPECT OF INCOME FROM LETTING, DEDUCTION OF REPAIR, INSURANCE AND DEPRECIATION IS ALLOWED
4. ANY OTHER EXPENDITURE INCURRED WHOLLY AND EXCLUSIVELY FOR EARNING SUCH INCOME

IF ANY INCOME IS EARNED AND IF ANY (AS DESCRIBED ABOVE) EXPENSES IS INCURRED IS ALLOWED AS DEDUCTION AS PER INCOME TAX ACT, 1961

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