Standard Deduction on salary
Raj Thakkar (ARTICLE) (382 Points)
11 March 2020
For Financial Year 2020-21, Standard Deduction under salary head of Rs.50000 is available or not?
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 11 March 2020
No standard deduction in new scheme...
Deductions can be claim if opt old scheme...
Note : once opted then we can't opt out the scheme...
Deductions can be claim if opt old scheme...
Note : once opted then we can't opt out the scheme...
Kapadia Pravin
(17259 Points)
Replied 11 March 2020
From FY 2020-2021, there will be two tax regimes - Old that is current and new tax regime.
Under old current tax regime, you will continue to get all deductions including Standard deductions and it's as usual. No changes.
Under new tax regime , no deductions are allowed. Also Standard deduction won't be allowed.
Since you do not have business income, every year you have to exercise the option for filing ITR that is. a) old tax regime and b) new tax regime.
You have right to change from one option to another every year.
Under old current tax regime, you will continue to get all deductions including Standard deductions and it's as usual. No changes.
Under new tax regime , no deductions are allowed. Also Standard deduction won't be allowed.
Since you do not have business income, every year you have to exercise the option for filing ITR that is. a) old tax regime and b) new tax regime.
You have right to change from one option to another every year.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 March 2020
@ Raj Thakkar-
Available unless you opt for new tax regime
Available unless you opt for new tax regime
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