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Standard deduction
What items are included in standard deduction ?
Replies (9)
No, it do not include any item. its plain deduction available to salaried class.
I have paid 2500 as employment tax , then i can claim only 2500 as standard deduction or whole 40000 ?
Whole 40,000/- Rs. is deductible.
2500 of employment tax is included in 40000 or i have to claim seperately?
That is separate. Employment tax is deductible u/s. 16(iii) of IT act.
it means without any investment i can directly deduct 40000 from my salary ?
yes it's a deduction given straightaway.you need not produce any proofs
if monthly salary is 26000 then what amount is deduct for standard deduction 26000 or 40000?
Rs. 40000/-. As the standard deduction is available over total of annual salary receipt.
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