Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Standard deduction is a flat reduction from salary income available to all salaried employees and pensioners without proof of expenses.
Standard deduction is automatic tax relief on salary — a fixed amount subtracted from income before tax, no bills needed.
Introduced replacing transport and medical allowance benefits. Available in both old and new tax regimes for salaried class at notified amount (₹50,000 for FY2024-25 salary). Pensioners receive same on pension income.
Gross salary ₹9 lakh minus ₹50,000 standard deduction → ₹8.5 lakh taxable before other Chapter VI-A claims in old regime.
No. Standard deduction applies to income under head Salaries and pension, not business or professional income.
One standard deduction overall on combined salary income in ITR, not double deduction from two employers.
Same flat amount applies to pensioners including seniors unless specific budget provisions state otherwise.