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Standard deduction in Salary
On which sections of INCOME FROM SALARY is standard deduction of 40,000 allowed?
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It's based under sec 16 of IT act...
Standard deduction is allowed from Salary Rs. 50000.00 for A.Y. 2020-21 & Rs. 40000.00 for A. Y. 2019-20. This deduction is allowed under sec 16(ia) of Income Tax Act.
It is allowed under section 16(1) and the amount is 50000/- from FY 2019-2020 ( Relating to AY 2020-2021)
All these details will be there in Form 16 which you get after the year ending 31-3-2020.
All these details will be there in Form 16 which you get after the year ending 31-3-2020.
STANDARD DEDUCTION of Rs. 40,000 ( for PY 2019-20 @ Rs. 50,000 ) is allowed under Section 16 clause (ia) of the Income Tax Act 1961.
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