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standard deduction
can pensioners eligible for standard deduction?
Replies (3)
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.
YES PENSIONERS ARE ELIGIBLE FOR STANDARD DEDUCTION
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.
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