Claiming standard deduction on salary
This query is : Resolved
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DIVYESH JAIN
(Querist)
22 February 2023
Dear Sir,
One of my client is giving salary of Rs. 50,000 each to two of the directors since there was not much profit earned by the company during the year.
I want to know when the directors file their income tax return showing salary of Rs. 50,000 each, can they claim standard deduction which will result in zero taxable income from salary.
Please advise in this matter.
Regards,
Divyesh Jain
One of my client is giving salary of Rs. 50,000 each to two of the directors since there was not much profit earned by the company during the year.
I want to know when the directors file their income tax return showing salary of Rs. 50,000 each, can they claim standard deduction which will result in zero taxable income from salary.
Please advise in this matter.
Regards,
Divyesh Jain
CA R SEETHARAMAN
(Expert)
22 February 2023
Yes, you can claim standard deduction in such a case.
DIVYESH JAIN
(Querist)
22 February 2023
Ok Sir, Thanks for your reply
CA R SEETHARAMAN
(Expert)
22 February 2023
You are welcome...
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