Answer: Tushant April 11, 2021 Answer:
Standard deduction allows salaried individuals to claim a flat deduction from income towards expenses that would be incurred with relation to the employment. Standard deduction made a comeback in Union Budget 2018.
Section 16(ia) states that a tax payer having income chargeable under the head 'Salaries' shall be allowed a deduction of ? 40,000 or the amount of salary, whichever is less.
And taxpayer do not have to produce any bills or documents to claim standard deduction, which is Rs. 50,000.
