What's meant standard deduction for
Salaried persons?
2 Replies
Suhas Gupte
(9 Points)
Replied 04 February 2018
It is deduction which do not require any proof or details.
Balaji Ramalingam
(Student - CA Final)
(285 Points)
Replied 04 February 2018
Standard deduction is the deduction which is allowed under section 16(ia) of IT act, which is newly inserted by finance act 18, in which RS.40,000 or salary whichever is lower, is allowed as a deduction from your salary income.
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