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Standard deduction??

CA Final 344 views 7 replies
What is the meaning of Standard deduction for salaried tax payer??

and how can we claim in return?

please suggest.....
Replies (7)

Std. deduction means no need for any proof for this deduction and it available to all salaried person without considering salary amount 

for a person having salary of 3,00,000 his salary after std deduction will be 260000

 

STD def is luei of erstwhile medical reimbursement and transport allowance.
this is a blanket ded provided under the act and no proof is required

 standard deduction of Rs 50000 for 19,200 as transport allowance and Rs 15,000 as medical reimbursement, which employees

without any proof u can claim deduction.

but in which section we can claim standard deduction????
16(ia)
16(ia).........
Standard deduction the name itself suggest that it is a Flat Deductions and no kind of proof etc is required to claim this deduction. It shall be claimed u/s 16(ia).


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