Standard deduction for salary


Deepak Pateliya   19 June 2019

Deepak Pateliya

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who is eligible for the standard deduction ?

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Renu (Student)     19 June 2019

Renu
Student 
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all employees are eligible for standard deduction of ₹40000.

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Shriti Goyal   19 June 2019

Shriti Goyal

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

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Bhanu (hyderabad)     19 June 2019

Bhanu
hyderabad 
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any employee can avail it

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Hello CA (self employed)     20 June 2019

Hello CA
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what about pension holder?

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Om Goyal   22 June 2019

Om Goyal

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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.

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Dipesh Jha (PRACTICE )     23 June 2019

Dipesh Jha
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All employess

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Vaishali Dhek. (Finance Professional)     26 June 2019

Vaishali Dhek.
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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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Deepak Pateliya   26 June 2019

Deepak Pateliya

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thanks for your valuable reply


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