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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
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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
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