Standard deduction

Waseem Syed (Advocate ) (272 Points)

10 February 2019

What items are included in standard deduction ?

Reply
Follow
Share

9 Replies

Chandrakant Bendre (student) (312 Points)
Replied 10 February 2019

No, it do not include any item. its plain deduction available to salaried class.

3 Like

Waseem Syed (Advocate ) (272 Points)
Replied 10 February 2019

I have paid 2500 as employment tax , then i can claim only 2500 as standard deduction or whole 40000 ?

Chandrakant Bendre (student) (312 Points)
Replied 10 February 2019

Whole 40,000/- Rs. is deductible.

2 Like

Waseem Syed (Advocate ) (272 Points)
Replied 10 February 2019

2500 of employment tax is included in 40000 or i have to claim seperately?

Chandrakant Bendre (student) (312 Points)
Replied 10 February 2019

That is separate. Employment tax is deductible u/s. 16(iii) of IT act.

1 Like

Waseem Syed (Advocate ) (272 Points)
Replied 10 February 2019

it means without any investment i can directly deduct 40000 from my salary ?

Giridhar S Karandikar (Team Lead) (7553 Points)
Replied 10 February 2019

yes it's a deduction given straightaway.you need not produce any proofs

Manoj Kumar (4 Points)
Replied 03 March 2019

if monthly salary is 26000 then what amount is deduct for standard deduction 26000 or 40000?

Chatopadhya (student) (278 Points)
Replied 04 March 2019

Rs. 40000/-. As the standard deduction is available over total of annual salary receipt.

3 Like

Start a New Discussion