Standard deduction on salary income section 16(ia)

 

 

Standard deduction on salary income section 16(ia)

According to Income Tax Act, 1961 reintroduced standard deduction from salary income ,assessee income from salary feel that there is unfair that expenditure are not allows from salary income for which they has incurred to earn such income.

Quantum of Amount

1. Salary Income

2. Rs.50,000

Whichever is less

But some deduction withdrawn 

1. Transport allowance of Rs. 1600 per month for the  purpose of commuting between the place of residence  to office place.

However transport allowance of Rs. 3200  per month granted to an employee who is blind or deaf and dumb.

2.Any sum paid by employer in respect of any

amount actually incurred by the  employee for obtain his or his family members’ medical treatment maximum Rs. 15000.

Conclusion

Now standard deduction  shall be allowed while computing the income under the head ” salaries”

 

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