Interpretation of finance act 2019

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Article assistant
41 Points Posted on 27 August 2020
Finance act 2019 amended standard deduction for salaried employees to 50k. However it also says w.e.f 1st day of April 2020. various articles are showing applicable from fy 19-20. So, for fy 19-20 is std dedn is 40k or 50k
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On 27 August 2020 at 15:39 Report
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The Finance Act 2019 increased the standard deduction for salaried employees to £50,000. However, its effective date is stated as April 1st, 2020, leading to confusion about its application for the financial year 2019-20. This discussion aims to clarify whether the standard deduction for FY 2019-20 is £40,000 or £50,000 and determine if the amendments apply to FY 2019-20 or Assessment Year 2020-21.

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Chartered Accountant
4524 Points Posted on 27 August 2020
Standard deduction for F/Y 2019-20 is 50000/-
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On 27 August 2020 at 15:56
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Article assistant
41 Points Posted on 27 August 2020
Act shows effective date 1.04.2020
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On 27 August 2020 at 15:59
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Chartered Accountant
4524 Points Posted on 27 August 2020
Finance act 2019 amendments is applicable for AY 2020-21 or Fy 2019-20
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On 27 August 2020 at 18:56

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