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standard deduction

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114 Points Posted on 07 January 2019
can pensioners eligible for standard deduction?
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On 07 January 2019 at 18:59 Report
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GST Practitioner & Accounts
15083 Points Posted on 07 January 2019

As per section 17 of the income tax  1961   pension qualify  as salary and thus eligible for standard deductions up to 40000/- , ( finance act 2018) please confirm with other also. 

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On 07 January 2019 at 19:14
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student
5205 Points Posted on 07 January 2019

YES PENSIONERS ARE ELIGIBLE FOR STANDARD DEDUCTION

8 Reply
On 07 January 2019 at 19:21
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400 Points Posted on 08 January 2019
As per Income Tax Act 1961, section 16 Taxpayers who receive pension from their former employers are eligible to claim standard deduction of Rs 40,000.
9 Reply
On 08 January 2019 at 11:11


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