Standard Deduction.png

Standard Deduction 2.png

 

 

  1. Courses
  2. Free Income Tax Certification Course

Transcript

(This is PGBP Income ) A Employee on Payroll (Salary) Monthly Income Annual Income Standard Deduction Taxable Income (This is Income from Salary) 20000 240000 50000 190000 B Employee on Contract (Business) Monthly Income Annual Income Standard Deduction Taxable Income 20000 240000 0 240000 What is Standard Deduction What is Standard Deduction Salaried Employees get Flat Deduction of 50000 from their Annual Salary This Deduction is available only to Salaried Person ,it is not available to those doing business or those on contract What is Amt of Standard Deduction Particular FY 2018 19 FY 2019 20 Salary Annual Salary Standard Deduction Income from Salary 60000 720000 40000 680000 60000 720000 50000 670000 It was 40000 in Financial Year 2018 19 However it was increased to 50000 in 2019-20

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.