Income Tax calculation

[Nacchinarkiniyan]

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The GOI has allowed a Standard Deduction of Rs. 40000 for all pensioners this year. But I do not find any mention of Standard Deduction in the form ITR1.

How do I solve this problem?

 

[Janaki Jambunathan]

That is for for next assessment year i.e.
Financial year ending in March 2019

 

[Nacchinarkiniyan]

This deduction is for the Assessment Year 2018-19.

 

[Janaki Jambunathan]

This deduction is for the Assessment Year 2018-19.

No The deduction is for Accounting year 2018-19 that is financial year ending in 31 - 3 - 19 . and that will be assessed in assessment year 2019 - 20

 

[tbs]

hi

i think ...using tax consultant will be good idea...many tax rules never understand through out life...lol

 

[swathi25]

That is for for next assessment year i.e.
Financial year ending in March 2019

JJ Madam is right.

Please visit the following links sir

Standard deduction on salary income

Section 16, inter-alia, provides for certain deduction in computing income chargeable under the head “Salaries”. it is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn.

These amendments will take effect from financial year starting from 1st April, 2018 and will, accordingly, apply in relation to the financial year 2018-29 and subsequent financial years.


Read more at: https://taxguru.in/income-tax/rs-40000-standard-deduction-on-salary-income.html

P.S. Please Read Financial Year 2018-19.

https://www.thenewsminute.com/article/standard-deduction-rs-40000-income-what-means-

https://economictimes.indiatimes.co...april-1/10-tax-changes/slideshow/63416185.cms