Financial Consultant
164 Points
Joined December 2020
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).