Standard deduction
dhiren bole (127 Points)
21 June 2019
A govt employee receiving pension after his retirement is entitled to standard deduction of 40000?
dhiren bole (127 Points)
21 June 2019
Mitul Thakkar
(Partner Ashish Doshi and Associates)
(250 Points)
Replied 21 June 2019
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
Rajeshwar Sinha
(owner)
(95 Points)
Replied 21 June 2019
Yes, retired employee receiving pension can claim SD max upto 40,000/-
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