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Standard deduction

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Tax and Business Consultant
11616 Points Posted on 16 September 2020
Yes, ​​​​Section ​16(ia) has been introduced by Finance Act, 2018 for class of person whose income is chargeable to tax under head salary. So, if you received pension than also it's available
66 Reply
On 16 September 2020 at 11:10
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Chief Accountant
3150 Points Posted on 16 September 2020
Means if person received pension, like family pension, which is charged to tax as IFOS than std deduction not available?
9 Reply
On 16 September 2020 at 11:12
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Tax and Business Consultant
11616 Points Posted on 16 September 2020
Yes, madam you are right
it's available only for income chargeable under head Salary...
66 Reply
On 16 September 2020 at 11:13
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Chief Accountant
3150 Points Posted on 16 September 2020
If I have a salary for two month only, total 40,000 than can I adjust loss of 10,000 after standard deduction against other sources income.
9 Reply
On 16 September 2020 at 11:16
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Tax and Business Consultant
11616 Points Posted on 16 September 2020
No, ​Standard deduction is allowable to the extent of :
a) Rs. 50,000 or
b) Amount of Salary, whichever is lower

So, in your case standard deduction of Rs. 40,000 is allowed and Income under head Salary will be NIL
66 Reply
On 16 September 2020 at 11:17
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Chief Accountant
3150 Points Posted on 16 September 2020
Thank you, Sagar sir for prompt reply...
9 Reply
On 16 September 2020 at 11:22
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Tax and Business Consultant
11616 Points Posted on 16 September 2020
You are most welcome.....
66 Reply
On 16 September 2020 at 11:23


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