How to calculate Standard Deduction ?
This query is : Resolved
23 May 2023
Dear Sir,
One simple yet logical query. How to calculate / claim standard deduction for the following :
(1) Gross Taxable Salary Rs.75000/-
(2) 80-C Deduction Rs.25000/-
(3) Prof. Tax Rs.600/-
so net taxable salary Rs.75000-25000-600 = Rs.49400/-
In this case my question is whether standard deduction for FY 2022-23 to be claimed as Rs.50000/- or Rs.49400/- (net taxable income) because if we claim Rs.50000/- then taxable income comes in negative (-)600. So please guide.
Thanks in Advance.
One simple yet logical query. How to calculate / claim standard deduction for the following :
(1) Gross Taxable Salary Rs.75000/-
(2) 80-C Deduction Rs.25000/-
(3) Prof. Tax Rs.600/-
so net taxable salary Rs.75000-25000-600 = Rs.49400/-
In this case my question is whether standard deduction for FY 2022-23 to be claimed as Rs.50000/- or Rs.49400/- (net taxable income) because if we claim Rs.50000/- then taxable income comes in negative (-)600. So please guide.
Thanks in Advance.
23 May 2023
Standard deduction in this case will be Rs. 50000/- but sec. 80C deduction will be Rs. 24,600/-
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