Claiming standard deduction on salary

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This query is : Resolved

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This discussion clarifies whether directors can claim the standard deduction on their salary. If a company pays directors a salary, they can indeed claim the standard deduction when filing their individual income tax returns. This may result in zero taxable income from their salary, depending on the amount paid.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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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