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Under section 16. Section 16 inter alia provides for certain deduction in computing income chargeable under the head salaries. However it is proposed to allow a standard deduction upto rs 40 000 or the amount of salary received whichever is less. Section 16 a of the exchange act requires that directors and officers of a company that has a class of securities registered under section 12 of the exchange act a public company as well as persons who beneficially own more than 10 of any class of equity security other than an exempted security which is registered under section 12 of the exchange act file reports with the sec on forms 3 4 and 5.
The rules under section 16 of the act also apply to non equity securities as provided by the investment company act of 1940. The standard deduction which is rs 40 000 whichever is low. Under section 16 of the securities laws senior executives directors and large block shareholders are required to make ongoing filings about their company stock holdings to report any changes.
Where the distribution of rights is pro rata the acquisition of rights so distributed is exempt including a pro rata acquisition by a shareholder who is a stand by purchaser. When and how do senior executives file form 4 for restricted stock restricted stock units and performance shares. The rules under section 16 of the act apply to any class of equity securities of an issuer whether or not registered under section 12 of the act.
Deduction of entertainment allowance. Section 16 a of the exchange act of 1934 the exchange act requires the reporting of beneficial ownership by the officers directors and stockholders who hold stock directly or indirectly beneficially owning more than 10 of the company s common stock or other class of equity securities registered under section 12 b or 12 g of the exchange act. The income that is chargeable under salaries head is computed after the following deductions under section 16.
Now all employees will get a standard deduction of 50000 per annum. Standard deduction section 16 i ia the salary amount or. Deduction under section 16 ia states that a taxpayer having income chargeable under the head salaries shall be allowed a deduction of rs.
With respect to transactions by persons subject to section 16 of the act. Entertainment allowance section 16 ii the entertainment allowance is initially included under the head salaries in the salary income and. A deduction is also allowed under section 16 ii in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the government a sum equal to one fifth of his salary exclusive of any allowance benefit or other perquisite or five thousand rupees whichever is less.
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