I am asking this query on behalf of my son who is 36 years old. He has worked in 2 organization in FY 2015-2016. Now both the forms show a taxable income of total 17 lakhs. Now my query is will standard deduction be applicable, if yes then how much? Any answer would be extremely helpful.
25 July 2016
Standard deduction on salary income is a thing of past. For F.Y 2015-16, there is no standard deduction. There are deduction U/Ch VIA U/s 80C to 80U available from Gross total income.
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