What is Standard Deduction Amount
Last updated at April 16, 2024 by Teachoo
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Courses
Free Income Tax Certification Course
- Chapter 1 Introduction
- Chapter 2 Different Heads of Income
- Chapter 3 Different ITR Forms & Due Dates
- Chapter 4 Income Tax Rates
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Chapter 5 Income from Salary & Deductions
- Chapter 6 Business Income-Proprietorship
- Chapter 7 Business Income-Patnership
- Chapter 8 Income from House Property
- Chapter 9 Income from Capital Gain
- Chapter 10 Employee on Contract
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
