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Standard deduction u/s 16 (ia)

Tax queries 20992 views 7 replies
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Income Tax Consultants
44 Points Posted on 04 July 2018

Please guide me about Standard Deduction U/s 16 (ia)

Tax Calculation for FY 18-19 for Govt. Employer

Annual Working Case 1

Pay- 342232

Grade pay - 64800

DA - 563040

HRA - 40704

Transport Allowance - 12640

DA Diffarance- 25426

Then What is the Standard Deduction U/s 16 (ia) - 40000 or 12640?

Annual Working Case 2

Pay- 342232

Grade pay - 64800

DA - 563040

HRA - 40704

Transport Allowance - 12640

DA Diffarance- 25426

Medical Reimbursement - 68541

Then What is the Standard Deduction U/s 16 (ia) - 40000 or (12640 + 15000)

Thanks In Advance.

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On 04 July 2018 at 20:55 Report
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Accountant
3479 Points Posted on 04 July 2018
You can claim full standard deduction of Rs. 40,000.00
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On 04 July 2018 at 21:50
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Income Tax Consultants
44 Points Posted on 04 July 2018

In Which Case1or2

https://www.incometaxindia.gov.in/Charts%20%20Tables/Deductions.htm

https://www.incometaxindia.gov.in/acts/finance%20acts/2018/102120000000071960.htm

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On 04 July 2018 at 21:55
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Accountant
3479 Points Posted on 04 July 2018
Both cases, you can claim full standard deduction
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On 04 July 2018 at 21:57
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Income Tax Consultants
44 Points Posted on 04 July 2018

I am doubtful about it...!

Please check links

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On 04 July 2018 at 22:00
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Accountant
3479 Points Posted on 04 July 2018
no issue, you can claim full standard deduction of Rs. 40,000.00

No document /proof required to claim Standard Deduction

However you are not entitled to claim Transport Allowance & Medical expenses

What is your doubt
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On 04 July 2018 at 22:51
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12244 Points Posted on 05 July 2018
standard deduction is available from a.y. 2019-20
1 Reply
On 05 July 2018 at 00:23
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student
73 Points Posted on 26 September 2019

can a partner can claim standard deduction of 40000 in respect of partner salary from the firm

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On 26 September 2019 at 15:52


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