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Deduction from salary
shall I claim standard deduction and conveyance allowance both from salary in F.Y. 2018-19
Replies (7)
only standard deductn.......allowed
standard deduction given against conveyance allowance and medical allowance only..so only standard deduction of RS.40000 only be claimed
thank you very much for your valuable advice
can standard deduction eligible for pension ?
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.
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.
good clarification and information
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