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
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STANDARD DEDUCTION ON SALARY IN NEW TAX REGIME
Replies (5)
Yes sec 115 bac
Yes it's available.
According to the following website, standard deduction is not available in case of the new tax regime.
https://cleartax.in/s/standard-deduction-salary
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.
Only available in house property...
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