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Standard deduction
A govt employee receiving pension after his retirement is entitled to standard deduction of 40000?
Replies (3)
yes...
YES. clarification issued by the income tax department, if a taxpayer has received a pension from the former employer, it is taxable under the head ‘Salaries’. Therefore, the taxpayer can claim a standard deduction of Rs. 40,000
Yes, retired employee receiving pension can claim SD max upto 40,000/-
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