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Standard deduction of 40000


Rohit (As Asst Accountant)     28 June 2019

Rohit
As Asst Accountant 
 29 points

| My Other Post

dear sir,
as per income tax act the standard deduction for the fyear 2018-19 is rs 40000. and if salary of assesee is rs 270000 then what amt he should take as the amt of deduction.
means situation 1. if he take 20000 then his groos income will show as 250000. and
situation 2 if he take whole 40000 then his gross income will be 230000.
which method is correct? 1 or 2
please reply.

avater

Jinal Gada   28 June 2019

Jinal Gada

 9 likes  80 points

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I think 40,000 is standard deduction, u dont have an option to take it as 20,000

1 Like

Santosh Singh   28 June 2019

Santosh Singh

 6 likes  48 points

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2 is correct. Deduction will be 40000 and net salary will be 230000.

2 Like
avater

Akhil (Student CA )     28 June 2019

Akhil
Student CA  
 45 likes  775 points

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STANDARD DEDUCTION OF 40K IMMATERIAL VTH BASIC EXEMPTIOM LIMIT

avater

NATARAJAN R (PROPRIETOR)     28 June 2019

NATARAJAN R
PROPRIETOR 
 31 points

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the standard deduction is rs  40000  

if the salary is only 30000  the  deduction will  be only rs 30000

so the salary is less than rs 40k the such amount will be the standard Deduction

avater

Rohit (As Asst Accountant)     02 July 2019

Rohit
As Asst Accountant 
 29 points

View Profile | My Other Post

thx u all for support


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