Dear professionals,
I had a little confusion regarding if standard deduction is applicable in new tax regime or not ? kindly reply as your convenience
thank you
5 Replies
Rammohan
(NA)
(255 Points)
Replied 28 September 2022
According to the following website, standard deduction is not available in case of the new tax regime.
https://cleartax.in/s/standard-deduction-salary
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 28 September 2022
As per section 115BAC (2)(i) of the Income tax act standard deduction not available, please refer section 115 BAC of the Income tax act.
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