Standard Deduction

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Financial Analyst
27 Points Posted on 15 October 2020
One of my client receiving retirement pension income (under sec 192). Can I show it under Salary income & claim available standard Deduction Rs. 50000/-?
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On 15 October 2020 at 15:27 Report
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Quick Summary
This discussion clarifies whether retirement pension income, taxed under section 192, can be treated as salary income. The consensus is yes, you can show pension income under the 'Salaries' head. Consequently, you are eligible to claim the standard deduction of Rs. 50,000 as per Section 16(ia) of the Income Tax Act, 1961.

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Tax consultant
5895 Points Posted on 15 October 2020
Yes you can show it in salary income if he is getting the pension
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On 15 October 2020 at 18:35
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Student
23693 Points Posted on 15 October 2020
Yes you can claim Standard Deduction of Rs. 50,000 under Section 16(ia) of the Income Tax Act 1961 incase of Pension Income which is taxable under the head "Salaries".
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On 15 October 2020 at 20:27

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