Standard Deduction under section 16
Bhavik Punamiya (39 Points)
29 December 2021Thanks
Bhavik Punamiya (39 Points)
29 December 2021
Tanuj Chandra Saxenaa
(Company Secretary)
(7070 Points)
Replied 29 December 2021
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 29 December 2021
The standard deduction amount cannot exceed ₹50,000. Even if your salary is more than this amount, you can deduct only this sum under Section 16. Also, if your net salary is less than ₹50,000, you can deduct a sum equal to your salary, and not more.Hence, you can claim a standard deduction of ₹46,000 only.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)