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Standard Deduction

Ananta Nath (57 Points)

30 January 2019

under which head the standard deduction is available and whether it is for all assessee ?

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10 Replies

naveen d (32 Points)
Replied 30 January 2019

in house property standard deduction @ 30% available

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PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 30 January 2019

FROM F.Y. 2018-19..THERE IS A PROVSION FOR STANDARD DEDUCTION IN SALARY AS WELL OF 40000INR

2 Like

Akhil (Student CA ) (1005 Points)
Replied 30 January 2019

salaries head......u/s 16a(ia) of 40k.....

2 Like

Naresh Khanduri (301 Points)
Replied 30 January 2019

yes standard deduction @ 30 % under house property is available...

Akhil (Student CA ) (1005 Points)
Replied 30 January 2019

*16(ia).............

1 Like

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Ananta Nath (57 Points)
Replied 30 January 2019

thank everyone sir

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 31 January 2019

Standard deduction of rs. 40000 is allowed to all salaried employees under section 16(ia)

1 Like

ishfaq chohan (2 Points)
Replied 01 February 2019

Can any body elaborate this standard deduction of 40000 in detail

happyvalley blooms (58 Points)
Replied 02 February 2019

any standard deduction for non salaried / no property retirees? (only income is income from other sources - bank FD /SB interest)

say income 4-5 lakhs? ( new rules even if implemented apply only for April1st 2019- March 31st 2020 tax year & not for 1-4-18 to 31-3-19 right?)

happyvalley blooms (58 Points)
Replied 02 February 2019

now understood that IT filing threshhold is till the same Rs 2.5 lakhs . but system applies new 87A rebate (increased from Rs 2500) Rs 12500 (if implemented after election) . so if some one with Rs 499999 income -system charges 5% tax for income from Rs2.5> Rs 5 lakhs & then applies flat Rebate of Rs 12500 . Hence effectively having income 499999 will get total TDS refunds as zero tax after rebates. -----------------------------------------------------------------------------------Quote-------eCON Times : In the Finance Bill, 2019 the maximum amount of tax rebate under section 87A of the Income Tax Act has been propsosed to increase to Rs 12,500 from the existing Rs 2,500. This proposed tax rebate will be admissble to taxpayers having total income up to Rs 5 lakh instead of current Rs 3.5 lakh