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How much is standard deduction? shall it be deducted from gross salary at the beginning?
Replies (11)
SD Rs. 40000/- (or below if salary lesser amount).
Yes.
my gross salary is 600000
Yes, You can claim full amount of Ts. 40,000/- as SD u/s. 16(ia) of IT act.
Standard deduction is essentially a flat amount subtracted from the salary income before calculation of taxable income.
applicable if Employer is providing it's employee with Transport allowance and Reimbursement of medical expenditure
in case,You Can Claim 40000 Standard Deduction
can I avail the benefit u/s 87a
yes..... provided that your net taxable income is below Rs. 3 Lakhs
An individual who is resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87Awill be lower of 100% of income-tax liability or Rs. 2,500.
yes yes ....My mistake....Sorry of that...
my gross salary is 600000
interest on housing loan 72000
general saving u/s 80c 150000
how much tax I have to pay
interest on housing loan 72000
general saving u/s 80c 150000
how much tax I have to pay
After considering SD & tax rebate u/s. 87A .... Nil
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