Standard Deductions
Manish (Student) (60 Points)
11 January 2019If :
1) There is no Medical Reimbursement claim
2) Total Amount of Transport Allowance is 980 pm or 11760 annually.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176784 Points)
Replied 11 January 2019
Now ........ Only standard deduction upto Rs. 40,000/- deductible.
Transport allowance taxable.
Manish
(Student)
(60 Points)
Replied 11 January 2019
pankaj kumar mishra
(ACCOUNTANT)
(167 Points)
Replied 11 January 2019
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176784 Points)
Replied 11 January 2019
No formulae. Just deduct from taxable salary. Maximum deductible is 40K u/s. 16(ia) of IT act.
v k s supraja
(intermediate)
(216 Points)
Replied 11 January 2019
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India