Standard deduction is a kind of compensation towards health facilities and
transport allowance facilities etc. which previously were deductible under
different sections.
>From this year onwards, a standard deduction of 40000 is introduced
irrespective of whatever the health insurance/travel allowance may be.
So you enjoy a deduction of rs40000 irrespective of whatever your T A or
health insurance scheme etc.
-----Original Message-----
From: AccessIndia [mailto:[email protected]] On Behalf
Of bhawani shankar verma
Sent: Saturday, April 20, 2019 11:03 AM
To: access <[email protected]>
Subject: [AI] INCOME TAX STANDARD DEDUCTION FROM A.Y. 2019-20
hello accessindia!
A standard deduction sum of rs.40000/- has been provided since a.y. 2019-20.
my question is:
what figure I may put on standard deduction colomn of my ITR1 rs.40000/- or
rs.8000/- which I received for medical aid reimbursement from my bank?
I only receive transport allowance for handicapped, not general conveyance
allowance.
Please give specific reply to my query. don't turn it towards accessibility,
captcha or other issues.
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