ICICI

Deduction from salary


Harinath Singh (Accountant)     26 June 2019

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

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Akhil (Student CA )     26 June 2019

Akhil
Student CA  
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only standard deductn.......allowed

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Abinaya Eswaran   27 June 2019

Abinaya Eswaran

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

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Harinath Singh (Accountant)     27 June 2019

Harinath Singh
Accountant 
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thank you very much for your valuable advice

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fijo francis (article assistent)     02 July 2019

fijo francis
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can standard deduction eligible for pension ?

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Suresh Thiyagarajan (Student)     02 July 2019

Suresh Thiyagarajan
Student 
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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. 

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fijo francis (article assistent)     02 July 2019

fijo francis
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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.

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subhagan sreerangam   07 August 2019

subhagan sreerangam

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good clarification and information


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