recently I retired from private firm. after getting PF, I am now getting small amount of pension from EPFO. Can I claim standard deduction once this amount.
Also in 35 years of service some amount was deducted under the head Super Annuation which was invested in LIC and now I get annual pension from LIC. Can I claim standard deduction on this pension
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pension and standard deduction
Replies (3)
Standard deduction is a a standard amount which is 40000 or gross income whichever is less. For AY 2020-21 it is raised to 50000.
Yes you can claim
You are entitled to claim standard deduction
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