23 May 2023
Dear Sir, One simple yet logical query. How to calculate / claim standard deduction for the following : (1) Gross Taxable Salary Rs.75000/- (2) 80-C Deduction Rs.25000/- (3) Prof. Tax Rs.600/- so net taxable salary Rs.75000-25000-600 = Rs.49400/- In this case my question is whether standard deduction for FY 2022-23 to be claimed as Rs.50000/- or Rs.49400/- (net taxable income) because if we claim Rs.50000/- then taxable income comes in negative (-)600. So please guide. Thanks in Advance.
CAclubindia
