Standard deduction under Salary
This query is : Resolved
18 December 2020
An individual gets PF withdrawn amount of Rs. 70000. TDS deducted u/s 192 @ 10%. There is no breakup of employer and employee contribution so he is reporting the entire amount as taxable.
While filing Income Tax Return, income reported under salary. The form is deducting standard deduction of Rs. 50,000 from it. Whether this will be applicable in his case?
While filing Income Tax Return, income reported under salary. The form is deducting standard deduction of Rs. 50,000 from it. Whether this will be applicable in his case?
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19 December 2020
Yes, standard deduction applicable in this case.
19 December 2020
Sir but since the PF withdrawn amount consist of both employer an demployee constribution as i do not have the distribution. Normally this should be fully taxable. Can the AO disallow the deduction which i am taking
19 December 2020
Whether it will be better to report it under Other sources?
Was reporting in salary because TDS was deducted u/s 192. What will be your advice?
Was reporting in salary because TDS was deducted u/s 192. What will be your advice?
19 December 2020
It has to be reported under salary only avail std deduction no problem.
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