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.
CAclubindia
