who is eligible for the standard deduction ?
Deepak Pateliya (24 Points)
19 June 2019who is eligible for the standard deduction ?
Renu
(Student)
(460 Points)
Replied 19 June 2019
Shriti Goyal
(625 Points)
Replied 19 June 2019
Om Goyal
(445 Points)
Replied 22 June 2019
Vaishali Dhek
(Finance Professional)
(1737 Points)
Replied 26 June 2019
As per Section 16(i)(ia), standard deduction refers to a straight reduction of salary income up to Rs.40,000/-. To get the deduction, a taxpayer should be salaried or pensioner only. Unlike any other allowance, an employer is not required to submit any bill or expense vouchers for claiming the deduction. The maximum deduction is Rs.40,000/- only.If a taxpayer’s income is less than Rs.40,000/- under the head “Income From Salary” and his total income exceeds Rs.2,50,000/-. Than such taxpayer can claim his total salary income as standard deduction and file tax return.
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