plz. define to me section 16(iii) of income tax act,1961?

Answer 1

This section relates to the Professional Tax or any tax on employment levied by the State government is allowable as deduction for computing taxable salary. For example, you get Rs 1000 as salary and if your Employer deducts Rs 10 as professional tax, your taxable salary is only Rs 990 (1000 -10).

Answer 2

Section 16 Of Income Tax Act

Answer 3

Section 16(iii) = a deduction of any sum paid by the assessee on account of a tax on employment within the meaning of clause (2) of article 276 of the Constitution, leviable by or under any law

Explanation: Its the tax levied on Trade, or Profession or Employment paid by the Assessee.

Answer 4

It is the amount paid as professional tax to local governments. It is deductable in full from the total income and exempt from tax. Normally such deductions are effected by the employer and paid.