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New standard deduction u/s 16(ia) - Salary Income - Income Tax

New standard deduction u/s 16(ia)
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New Standard Deduction u/s 16(ia) applicable from FY 2018-19, A/Y 2019-20. [FA 2018]. Benefit of Standard Deduction is only for Salaried Individuals.

Deduction u/s 16(ia) states that a tax payer having income chargeable under the head 'Salaries' shall be allowed a deduction of ₹ 40,000 or the amount of salary, whichever is less, for computing his total income. Now all employees will get a standard deduction of ₹ 40,000 p.a.

This limit is increased to ₹ 50,000p.a. by FA, 2019 [FY 2019-20, A/Y 2020-21].

 

 

 

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