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Standard deduction
Yes, Section 16(ia) has been introduced by Finance Act, 2018 for class of person whose income is chargeable to tax under head salary. So, if you received pension than also it's available
Means if person received pension, like family pension, which is charged to tax as IFOS than std deduction not available?
Yes, madam you are right
it's available only for income chargeable under head Salary...
it's available only for income chargeable under head Salary...
If I have a salary for two month only, total 40,000 than can I adjust loss of 10,000 after standard deduction against other sources income.
No, Standard deduction is allowable to the extent of :
a) Rs. 50,000 or
b) Amount of Salary, whichever is lower
So, in your case standard deduction of Rs. 40,000 is allowed and Income under head Salary will be NIL
a) Rs. 50,000 or
b) Amount of Salary, whichever is lower
So, in your case standard deduction of Rs. 40,000 is allowed and Income under head Salary will be NIL
Thank you, Sagar sir for prompt reply...
You are most welcome.....
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