An assessee receives Rs.1200 every month as pension. So the total income from salaries is Rs.14400. He also has business, capital gains and income from other sources.
Can he claim Standard deduction under section 16 for whole pension 14400, as the overall limit is 40k??
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Standard Deduction on Salary
Replies (2)
Yes, the whole Pension of Rs. 14,400/- will be allowed under Section 16(ia) Standard Deduction.
Quoting Section 16(ia) for your reference :
"16(ia) - a deduction of forty thousand rupees or the amount of the salary, whichever is less;"
Yes you can
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