gunesh
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Hi May I know, IS STANDARD DEDUCTION ALLOWABLE TO PENSIONERS?
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narahari
answered
--Yes. Income tax act provides the standard deduction.
-- The least of following is allowed as deduction:
- 1/3rd of the family pension or
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CA Sandeep Bohra
answered
--Yes. Income tax act provides the standard deduction.
-- The least of following is allowed as deduction:
- 1/3rd of the family pension or
- Rs 15,000, whichever is lower
Archana
answered
Hie Gunesh,
**Yes**
In case of family pension, a standard deduction to the extent of 1/3rd of the family pension or Rs 15,000, whichever of the two is lower is allowable.
