LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Standard deduction in Salary

Parth Raval (1 Points)

02 December 2019

On which sections of INCOME FROM SALARY is standard deduction of 40,000 allowed?

Reply
Follow
Share

4 Replies

RAJA P M ("Do the Right Thing...!!!") (127148 Points)
Replied 02 December 2019

It's based under sec 16 of IT act...

1 Like

Vinod Ahuja (Partner) (57 Points)
Replied 02 December 2019

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.

2 Like

Kapadia Pravin (17249 Points)
Replied 02 December 2019

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.

1 Like