Menu
Standard Deduction for pensioners
As per latest amended IT Act for Salaried/pensioner Std deduction max Rs40000 is admissible but how many % of income? I don't think it is for all...please advise
Replies (1)
deduction from salary [section 16]
the income chargeable Under the head " salary " shall be computed after making following deductions
(ia) a deduction of forty thousand rupees or the amount of salary, which ever is less
and other deductions under subsection (II) &(III)
so, the standard deduction is rs 40,000 or the amount of salary, which ever is less is deductible from gross salary
the income chargeable Under the head " salary " shall be computed after making following deductions
(ia) a deduction of forty thousand rupees or the amount of salary, which ever is less
and other deductions under subsection (II) &(III)
so, the standard deduction is rs 40,000 or the amount of salary, which ever is less is deductible from gross salary
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
