27 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
dear sir My question is how to calculate 80c deduction 26600 explane plz
27 May 2023
It's like this salary 75000 less standard deduction 50000 and less prof tax 600. So 80c deduction restricted to the balance income of 24400.
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