CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

standard deduction


Sreeraj Panmana   01 March 2019

Sreeraj Panmana

 2 points

| My Other Post

what do you mean by standard deduction ?

avater

Dhirajlal Rambhia (KVO Merau Kutchh)     02 March 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 9215 likes  93280 points

View Profile | My Other Post

Standard deduction refers to a straight reduction of salary income up to Rs.40,000/-. [Section 16(i)(ia)]

In budget 2018, India’s government has re-introduced the standard deduction for both salaried and pensioners.

To get the deduction, a taxpayer should be salaried or pensioner only.

Unlike other allowances, an employer is not required to submit any bill or expense vouchers for claiming the deduction.

The maximum deduction is Rs.40,000/- only. (for AY 2019-20)

If a taxpayer’s income is less than Rs.40,000/- under the head “Income From Salary” and his total income exceeds Rs.2,50,000/-. Than such taxpayer can claim his total salary income as standard deduction and file tax return.

2 Like
avater

Rakesh Bandal (Self Employed and Agriculture)     02 March 2019

Rakesh Bandal
Self Employed and Agriculture 
 75 likes  1334 points

View Profile | My Other Post

in addition with Rambhia Sir,

For Income from House property standard deduction of 30% is allowed, i.e. without proof of expenses incurred

1 Like
avater

Inderjeet Sunda (Tax Consultant)     02 March 2019

Inderjeet Sunda
Tax Consultant 
 11 likes  287 points

View Profile | My Other Post

Standard Deduction means a straight forward deduction of Rs. 40000 from Income Chargeable Under Head Income from Salary in lieu of Medical and Transportation Allowances in Respective of Actual Expenditure or Allowances.  


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »



Trending Tags
gst
epf
csr
corporate law
ca exams
gst return
Others
ca rankholder interview
accounts
sebi
Service Tax
dgft
Union Budget
epfo
Professional Resource
companies act 2013
icsi
tds
gstr 3b
dvat