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what is standard deduction
as per budget standard deduction of Rs. 40000. what is it?
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It allows a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn.
FLAT DEDUCTION TO SALARIED PERSONS IN LIEU OF TRANSPORT AND MEDIDICAL EXPENSES
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