STANDARD DEDUCTION ON SALARY IN NEW TAX REGIME

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3 Points Posted on 27 September 2022
Dear professionals,
I had a little confusion regarding if standard deduction is applicable in new tax regime or not ? kindly reply as your convenience
thank you
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On 27 September 2022 at 20:44 Report
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Quick Summary
This discussion clarifies whether the standard deduction is applicable under the new tax regime. While some initial responses suggest it is available, the consensus, supported by references to Section 115BAC of the Income Tax Act, indicates that the standard deduction is generally not available for salary income in the new tax regime, though it may apply to house property income.

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Profession Business
28246 Points Posted on 27 September 2022
Yes sec 115 bac
1 Reply
On 27 September 2022 at 22:24
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40 Points Posted on 27 September 2022
Yes it's available.
1 Reply
On 27 September 2022 at 22:49
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NA
255 Points Posted on 28 September 2022

According to the following website, standard deduction is not available in case of the new tax regime.

https://cleartax.in/s/standard-deduction-salary

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On 28 September 2022 at 08:30
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GST Practitioner & Accounts
15146 Points Posted on 28 September 2022
As per section 115BAC (2)(i) of the Income tax act standard deduction not available, please refer section 115 BAC of the Income tax act.
1 Reply
On 28 September 2022 at 13:18
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4 Points Posted on 05 October 2022
Only available in house property...
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On 05 October 2022 at 23:36

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