How much is standard deduction from salary in income tax.

Question BankHow much is standard deduction from salary in income tax.
Vinay asked 1 month ago

How much is standard deduction from salary in income tax.

1 Answers
A. Kumar answered 1 month ago

Standard deduction in Salary was reintroduced w.e.f FY 2018-19 and standard deduction from salary for FY 2018-19 was Rs. 40000/- and from financial year 2019-20 standard deduction is increased to Rs. 50000/- but exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses is withdrawn. However, the transport allowance at enhanced rate shall continue to be available to differently abled persons.

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