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Such deductions fall under section 57 of the income tax act, 1961 (ita). Section 57(iia) of income tax act allows a standard deduction from family pension while computing the income chargeable under the head ‘income from other sources.’ it provides. Let’s gain insight into various deductions allowed to taxpayers under section 57 while computing.
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Deduction in respect of any sum received by a taxpayer as contribution from his employees towards any welfare fund of such employees is allowable only if such sum is credited by the. Section 57 lets taxpayers subtract the costs they incurred to earn money that doesn’t fit into salary, business, house property, or capital gains—like interest, dividends,. Take notes as you read a judgment using our virtual legal assistant and get email alerts whenever a new judgment matches your query (query alert service).
15,000, whichever is less, is permitted.
Standard deduction from family pension [section 57 (iia)] : Learn about deductions allowed under section 57 of the income tax act, 1961, for income from other sources, including family pension, interest, and rental income.
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