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.
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Standard deduction of 40000
Replies (5)
I think 40,000 is standard deduction, u dont have an option to take it as 20,000
2 is correct. Deduction will be 40000 and net salary will be 230000.
STANDARD DEDUCTION OF 40K IMMATERIAL VTH BASIC EXEMPTIOM LIMIT
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
thx u all for support
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