I would like to know whether a person drawing consolidated salary per month (No salary breakup) is eligible for Standard Deduction of Rs.40,000/- in FY 2018 - 19.. If yes kindly dend me the rules and regulations as proof.
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Standard deduction of rs.40,000/ eligible for consolidated employee
Replies (3)
’Standard Deduction’ of Rs 40,000. What is a standard deduction? It is a fixed amount of deduction – in this case, an amount of Rs 40,000 which can be reduced by salaried taxpayers, from their gross salary.
The government has proposed requisite amendments to Section 17(2)(viii) of the Income-tax Act, 1961.
The government has proposed requisite amendments to Section 17(2)(viii) of the Income-tax Act, 1961.
Salaried person can avail benefit of standard deduction irespective of his/her salary break up because standard deduction is a fix deduction of Rs 40000 from taxable salary.
there's no limitation. any employee drawing salary is eligible for this std deduction. you can claim it irrespective of you incurring any medical expenses or no.
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