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

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But some deduction withdrawn 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.

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.

 

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