who is eligible for the standard deduction ?
8 Replies
Renu
(Student)
(460 Points)
Replied 19 June 2019
all employees are eligible for standard deduction of ₹40000.
Shriti Goyal
(625 Points)
Replied 19 June 2019
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)
Om Goyal
(445 Points)
Replied 22 June 2019
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.
Vaishali Dhek
(Finance Professional)
(1742 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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