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deduction u/s 16
standard deduction under section 16(i) is applicable for AY2019... may inter exm???
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Standard deduction u/s.16(ia) shall be available from A.Y:2019-20 i.e from F.Y:2018-19. Budget for the Financial year 2018-19 presented by Finance minister in the year 2018 (February 2018). Normally for C.A exams, amendments up to the preceding month of previous attempt would be applicable. I.e.For May 2019 attempt, amendments up to 31-Oct-2018 shall be applicable. Since budget containing standard deduction of Rs.40000 u/s.16(ia) presented on 1st February 2018 (before 1st November 2018), such provision applicable for May 2019 exams.
To conclude, the standard deduction of Rs.40000 u/s.16(ia) shall be applicable for May 2019 exams.
tysm😇✌️
Standard deduction is essentially a flat amount subtracted from the salary income before calculation of taxable income. The standard deduction was a part of the Income-tax Act until former finance minister, P. Chidambaram, withdrew it in the Union budget
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