Download Income Tax Salary Certificate Form 16 Part B for Financial Year 2015-16 & Assessment Year 2016-17 [ This Excel Utility Can prepare at a time 50 employees Form 16 Part B ]
In order to provide relief to the individual
tax payers, it is proposed to amend section 80GG so as to increase the maximum
limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month.
This section allows an
individual a deduction in respect of house rent paid for his own residence.
Such deduction is permissible, subject to the following conditions:
a) Who have not get
any Allowances as House Rent Allowances from their Concerned & it is not
allowed both deduction U/s 10(13A) and U/s 80GG both can not be claim at a
time.
b) The individual
files a declaration in Form 10BA.
c) The employee does
not own residence :
i. any residential
accommodation himself or by his spouse or where such individual is a member of
a HUF.
ii. Any residential
accommodation in the occupation of the Individual, the value of which is to be
determined u/s 23
d) Entitlement of
deduction:
i. Allowed deduction
in respect of rent paid in excess of 10% of total income;
ii. Subject to a
ceiling limit of 25% of total income, or , Rs.2000/- per month whichever is
less. This limit of Rs.2000/- is now proposed to be increased to Rs.5000/- per
month from 1st April, 2017 and shall accordingly apply in relation to
assessment year 2017-18 and subsequent years.
