Standard deduction in salary
B GKAMATAR (TAX CONSULTANT) (151 Points)
01 January 2021
U/S:115 BAC(1) STANDARD DEDUCTION RS 50 000/- IN SALARY INCOME IS ALLOWABLE
3 Replies
ayusmita
(Tax consultant)
(5890 Points)
Replied 01 January 2021
No in salary standard deduction is not allowable
Finwealthcare
(Financial Consultant)
(164 Points)
Replied 01 January 2021
Section 115BAC was inserted in Income tax law in Finance bill 2020. This section 115BAC is applicable from FY 2020-21 (AY 2021-22).
For FY 2019-20:
If you are filling ITR for FY. 2019-20 then this section is not applicable. But you can avail deduction Rs. 50000/- u/s 16(ia).
For FY 2020-21:
If you file ITR with old tax regime then you can avail standard deduction Rs. 50000/- u/s 16(ia).
But if you file ITR in new tax regime then you can not avail standard deduction Rs.50000/- u/s 16(ia).
Aditya Bajaj
(80 Points)
Replied 03 January 2021
No, if you opt to pay tax under the provisions of 115BAC, standard deduction will not be allowed
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