Standard deduction
dhiren bole (127 Points)
21 June 2019
A govt employee receiving pension after his retirement is entitled to standard deduction of 40000?
3 Replies
Mitul Thakkar
(Partner Ashish Doshi and Associates)
(250 Points)
Replied 21 June 2019
YES. clarification issued by the income tax department, if a taxpayer has received a pension from the former employer, it is taxable under the head ‘Salaries’. Therefore, the taxpayer can claim a standard deduction of Rs. 40,000
Rajeshwar Sinha
(owner)
(95 Points)
Replied 21 June 2019
Yes, retired employee receiving pension can claim SD max upto 40,000/-
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