Standard deduction for salary



who is eligible for the standard deduction ?

 
Reply   
 
Student

all employees are eligible for standard deduction of ₹40000.
 
Reply   
 

salaried persons can avail standard deduction u/s 16(ia) of 40000..
(increased to 50000 in interim budget 2019)

Total likes : 1 times

 
Reply   
 
hyderabad

any employee can avail it

Total likes : 1 times

 
Reply   
 
self employed

what about pension holder?
 
Reply   
 

stdrd dedn 40000/ - AY 19-20 & 50,000 for AY 20-21 for salary & salary Related pension from Employer only allowed to all all employees please.
 
Reply   
 
PRACTICE

All employess
 
Reply   
 
Finance Professional

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.


Total likes : 1 times

 
Reply   
 

thanks for your valuable reply
 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 



CCI Online Learning

Choose from our category of courses

What do you want to learn today?


CS

CPT

CMA



Browse all Subjects

×

  CCI MENU