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Standard Deduction
One of my client receiving retirement pension income (under sec 192). Can I show it under Salary income & claim available standard Deduction Rs. 50000/-?
Replies (2)
Quick Summary
Yes you can show it in salary income if he is getting the pension
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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