standard deduction

No need of receipt. Deduction will be available by default.

thank you very much sir

it's a default deduction available under 16(ia) IN lieu of transport allowance under 10(14) and medical reimbursement

Standard deduction is called STANDARD because it is fixed Upto 30% u/s 24. No need of any receipts or anything else. It is basically given to cover all the expenses regarding House property income.

Thanks.

@ nitish, here the standard deduction discussed is regards the standard deduction allowable to salaried and pensioners under section 16(ia)

Sir,
In this regard, I want to know how much standard deduction will a disabled person get.?

Because earlier Transport Allowance exemption was Rs.3200/pm for disabled employee. So overall, we were getting total of Rs.38400 (3200×12) + Rs.15000 (Med) = Rs.53400/- exemption which is now only Rs.40000/-. By this way, we will lose Rs.15300/- exemption and tax liability will be increased by Rs.3182/- (Considering 2nd slab).
Please guide..

Mr. ghanshyam what you have said is correct but as per the new amendment, even physically challenged persons are also eligible for only 40000. may be in future there might be any notifications in respect of physically challenged persons would come