Standard Deduction in respect of Salaried Person
This query is : Resolved
23 May 2023
Dear Sir,
For F.Y. 2022-23 in old regime standard deduction is available upto Rs.50000/-. Now my query is that this standard deduction how much amount to be claimed as Standard Deduction in the following case .
Gross Salary Rs.75000/-
Professional Tax Rs.600/-
80-C Deduction = Rs.25000/- and now taxable salary is 75000-600-25000=Rs.49400/- so whether Rs.49400/- to be claimed as standard deduction or Rs.50000/- should be claimed as standard deduction. But if later is claimed then taxable income will be Rs.(-)600.
Please guide.
For F.Y. 2022-23 in old regime standard deduction is available upto Rs.50000/-. Now my query is that this standard deduction how much amount to be claimed as Standard Deduction in the following case .
Gross Salary Rs.75000/-
Professional Tax Rs.600/-
80-C Deduction = Rs.25000/- and now taxable salary is 75000-600-25000=Rs.49400/- so whether Rs.49400/- to be claimed as standard deduction or Rs.50000/- should be claimed as standard deduction. But if later is claimed then taxable income will be Rs.(-)600.
Please guide.
23 May 2023
Rs.49400/- to be claimed as standard deduction.
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