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All QuestionsCategory: Income Tax ConsultancyIs standard Deduction u/s 16(ia) compulsory?
Profile photo of HITESH LUNIAHITESH LUNIA asked 3 weeks ago

Is standard Deduction u/s 16(ia) compulsory?

Is standard Deduction u/s 16(ia) of Income Tax Act amountong to Rs. 40000 compulsory to claim?

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1 Answers
Profile photo of HEMANT KUMAR JAINCA HEMANT KUMAR JAIN answered 2 weeks ago

Standarad Deduction is available to Salaried persons only. This is applicable from AY 2019-20 in computing income chargeable under the head of Salaries. The amount of Standard Deduction would be Rs. 40,000/- or the amount of salaries whiecever is lower.
In other words, while calculating the income from Salaries, standand deduction has to be claimed.