Provision to take benefit for Standard Deduction in ITR 3

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6 Points Posted on 13 December 2020

Is there is any provision to take benefit of Standard deduction (50000)  for Senior citizen in ITR 3, kindly share the Section. 

 

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Bhupinder Singh

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On 13 December 2020 at 20:08 Report
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Quick Summary
This discussion clarifies how senior citizens can claim the £50,000 standard deduction when filing their Income Tax Return (ITR) 3. The benefit is available under Section 16(ia) and should be claimed in Schedule S, specifically for salary or pension income.

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Tax consultant
5895 Points Posted on 13 December 2020

For salary or pension
then sechdule S 

SECTION 16 (ia)

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On 13 December 2020 at 20:28
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Accountant
3662 Points Posted on 13 December 2020
You can claim under section 16
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On 13 December 2020 at 22:56

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