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What is standard deduction
Standard deductions is compulsery for everyone
Replies (4)
Eloborate your query please
Standard deduction applicable only to salary income. It's not to all.
What do you mean by compulsory ?
It's a deduction from salary income which results into lower tax liability.
Who will want not to take standard deduction ?
I hope you are clear now
It's a deduction from salary income which results into lower tax liability.
Who will want not to take standard deduction ?
I hope you are clear now
1. You cannot call that as compulsory but as a default, it will be there in the return provided you are eligible for the standard deduction.
2. That way, it is there in the return by default hence you cannot make any modification to the standard deduction.
Please correct me if the above solution has an alternative view.
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