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Standard deduction

Sandeep Sharma (Accounts executive) (552 Points)

12 August 2019

What is the maximum standard deduction allowed under section 16 for salary taxpayers??

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7 Replies

Shaikh Zeeshan (12 Points)
Replied 12 August 2019

u/s 16(i) standard deduction is 40000 for A.Y 19-20

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sundhar jkn (205 Points)
Replied 13 August 2019

40,000 for a.y 2019-20 and 50,000 from a.y-2020-21 onwards

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 13 August 2019

Sir if annual salary is 8L then also the standard deduction limit will remain same??

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 13 August 2019

Yes ...

1 Like

Sandeep Sharma (Accounts executive) (552 Points)
Replied 13 August 2019

Thanks saloni mam, Actually i have one issue regarding tds return. We file our salary tds return in which we furnished the taxable income of employees 623000 and deposited tax on it but tds return got defaulted and justification report showing taxable income by a increase of 35000/- i.e taxable income 658000 and the same difference is showing in other two deductees taxable income.

Plz tell me why this 35000/- difference is showing as all taxes deposited accurately as per income tax slab???

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sabyasachi mukherjee (27099 Points)
Replied 12 October 2019

Sandeep mail me the details at sabyasachimukherjee7098 @ gmail.com

Suresh Thiyagarajan (Student) (3986 Points)
Replied 13 October 2019

1. From FY 2018-19, transport allowances and medical allowances got substituted to a standard deduction of Rs. 40,000 and for the FY 2019-20, it is Rs. 50,000.
2. You might want to check whether transport and medical allowances are also claimed for those employees. That could be one reason.
Please correct me if the above solution has an alternative view.