Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
D. Forum
What's New


Law and Procedure an e-book
Home List Manuals Income Tax Salary Income This

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

New standard deduction u/s 16(ia)
  • Contents

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].




|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||