Menu
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.
Recent Topic
- Retirement funds under new tax regime
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
- Legal profession business code in section 44ADA
- Whether Indexed Capital Loss Can Be Claimed Under
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
Related Topics
CAclubindia
