who is eligible for the standard deduction ?
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Standard deduction for salary
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all employees are eligible for standard deduction of ₹40000.
salaried persons can avail standard deduction u/s 16(ia) of 40000..
(increased to 50000 in interim budget 2019)
(increased to 50000 in interim budget 2019)
any employee can avail it
what about pension holder?
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.
All employess
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.
thanks for your valuable reply
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