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Feb 01, 2018 · Standard deduction means a deduction which you will be eligible to claim irrespective of whether you actually incur it or no. That is if standard deduction on medical and travel is 40000, it means irrespective of the actual amount spent by you, you can claim 40000. Jul 02, 2019 · the standard deduction is rs 40000. if the salary is only 30000 the deduction will be only rs 30000. so the salary is less than rs 40k the such amount will be the standard Deduction. “Standard deduction of Rs 40,000 p.a. for salaried individuals seems to be a very nominal benefit as the current tax-free limit for medical expense reimbursement of 15,000 p.a. and transport. Standard deduction is the portion of income that is not subject to tax and that can be used to reduce a taxpayer's tax bill. Standard deduction also means that taxpayers need not share any.

However, as a small concession, he has announced a standard deduction of Rs 40,000 for salaried taxpayers. This will be in lieu of the existing transport allowance and medical expense reimbursement. However, other medical reimbursements in case of hospitalisation will continue. A standard deduction is a reduction in taxable income. There are two kinds of tax deductions: standard and itemized.A standard deduction is a flat amount that applies to all qualified taxpayers.An itemized deduction requires calculations, proof of a qualifying expense, and time to fill out extra IRS forms at tax time. A taxpayer cannot claim standard deductions and itemized deductions; he must. Jul 08, 2019 · A Standard Deduction is nothing but a fixed amount of deduction. There are two types of Standard deductions that are now allowed in FY 2019-20 / AY 2020-21. An amount of Rs 50,000 which can be reduced by taxpayers receiving salary or pension income, from their gross salary. Jun 23, 2018 · Standard Deduction FY 2018-19 AY 2019-20. Standard Deduction is back again from fy 2018-19 as proposed in budget 2018. All tax payers whose income comes under head “salaries”, can avail rs 40,000 flat standard deduction from gross salary. Dec 09, 2019 · What is a 'Standard Deduction'.A standard deduction can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable income. The amount of the standard deduction is based on a taxpayer's filing status, age, and whether he or she is disabled or claimed as a dependent on someone else's tax return.

What Are Standard Tax Deductions? Updated for Tax Year 2019. OVERVIEW. The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked. Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill. The tax system gives you a choice. Nov 27, 2019 · Standard Deduction – Union Budget 2018 The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per annum Interestingly, the provision of Standard Deduction was earlier.

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