Standard deduction
Waseem Syed (271 Points)
10 February 2019
What items are included in standard deduction ?
9 Replies
Chandrakant Bendre
(student)
(312 Points)
Replied 10 February 2019
No, it do not include any item. its plain deduction available to salaried class.
Waseem Syed
(271 Points)
Replied 10 February 2019
I have paid 2500 as employment tax , then i can claim only 2500 as standard deduction or whole 40000 ?
Chandrakant Bendre
(student)
(312 Points)
Replied 10 February 2019
Whole 40,000/- Rs. is deductible.
Waseem Syed
(271 Points)
Replied 10 February 2019
2500 of employment tax is included in 40000 or i have to claim seperately?
Chandrakant Bendre
(student)
(312 Points)
Replied 10 February 2019
That is separate. Employment tax is deductible u/s. 16(iii) of IT act.
Waseem Syed
(271 Points)
Replied 10 February 2019
it means without any investment i can directly deduct 40000 from my salary ?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 10 February 2019
yes it's a deduction given straightaway.you need not produce any proofs
Manoj Kumar
(4 Points)
Replied 03 March 2019
if monthly salary is 26000 then what amount is deduct for standard deduction 26000 or 40000?
Chatopadhya
(student)
(278 Points)
Replied 04 March 2019
Rs. 40000/-. As the standard deduction is available over total of annual salary receipt.
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