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Deduction from salary

Harinath Singh (Accountant) (83 Points)

26 June 2019

shall I claim standard deduction and conveyance allowance both from salary in F.Y. 2018-19

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Akhil (Student CA ) (966 Points)
Replied 26 June 2019

only standard deductn.......allowed

Abinaya Eswaran (43 Points)
Replied 27 June 2019

standard deduction given against conveyance allowance and medical allowance only..so only standard deduction of RS.40000 only be claimed

Harinath Singh (Accountant) (83 Points)
Replied 27 June 2019

thank you very much for your valuable advice

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fijo francis (article assistent) (32 Points)
Replied 02 July 2019

can standard deduction eligible for pension ?

Suresh Thiyagarajan (Student) (3986 Points)
Replied 02 July 2019

1. No, it cannot be claimed. The Standard deduction of Rs.40,000 (FY 2018-19) was substituted in place of conveyance allowance and medical reimbursement expenses to a salaried employee.
2. An assessee who is handicapped can only claim Standard deduction and conveyance allowance.
Please correct me if the above solution has an alternative view.

fijo francis (article assistent) (32 Points)
Replied 02 July 2019

In a recent clarification issued by the income tax department, if a taxpayer has received a pension from the former employer, it is taxable under the head ‘Salaries’. Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less.