Libissa (Accountant) (318 Points)
01 July 2019I am receiving Pension Income Rs.487600/- While Filing ITR - 1 Iam showing Salary Rs. 487600/- then it shows deduction U/s 16(ia) as Rs. 40000/- after that it shows my salary as Rs. 447600/- i want to know what is this dedcution and i can deduct the 40000/- directly from Pension Rs.487600/- ( 487600-40000) Total GFrsoo Income Rs. 447600/- or i want to increase Rs. 40000 ( 487600+4000) and show the salary as Rs. 527600/- and deduct the U/s 16(ia)
Manav Soneji
(other)
(338 Points)
Replied 01 July 2019
No increase of any amount. You can deduct standard deduction of amount 40000/- from the actual pension amount and pay tax over Rs. 447600/-
CA Navya Tejas
(Chartered Accountant)
(132 Points)
Replied 01 July 2019
You dont have to increase any amount. Pay tax on 447600. 40000 is a standard deduction benefit available
Veeresh Babu
(47 Points)
Replied 18 July 2019
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