Standard deduction for fy 2015-2016
This query is : Resolved
S K Talukdar
(Querist)
25 July 2016
Dear Sir,
I am asking this query on behalf of my son who is 36 years old. He has worked in 2 organization in FY 2015-2016. Now both the forms show a taxable income of total 17 lakhs. Now my query is will standard deduction be applicable, if yes then how much?
Any answer would be extremely helpful.
Thanks and Regards
S K Talukdar
I am asking this query on behalf of my son who is 36 years old. He has worked in 2 organization in FY 2015-2016. Now both the forms show a taxable income of total 17 lakhs. Now my query is will standard deduction be applicable, if yes then how much?
Any answer would be extremely helpful.
Thanks and Regards
S K Talukdar
CA S K MISHRA
(Expert)
25 July 2016
Standard deduction on salary income is a thing of past. For F.Y 2015-16, there is no standard deduction. There are deduction U/Ch VIA U/s 80C to 80U available from Gross total income.
S K Talukdar
(Querist)
25 July 2016
Thank you very much for your reply.
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