The Budget proposals also seek to provide relief to salaried tax payers by allowing a Standard Deduction of.....in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses.

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Budget proposals also seek to provide relief to salaried tax payers by allowing a Standard Deduction of____in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses.

A	Rs. 50, 000
B	Rs. 20, 000
C	Rs. 40, 000
D	Rs. 60, 000

Explanation:

Detailed explanation-1: -Salaried taxpayers are now eligible for the standard deduction of Rs. 50, 000 under new tax regime from FY 2023-24.

Detailed explanation-2: -The standard deduction is a flat deduction of Rs. 50, 000/-from your income that is taxable under the head salaries. This tax benefit can be claimed irrespective of the actual amount spent on the following: Transport Allowance and.

Detailed explanation-3: -Currently, the standard deduction offered under Section 16 of the Income Tax Act is a flat deduction of Rs. 50, 000 on the taxable income of salaried employees and pensioners irrespective of their earnings.

Detailed explanation-4: -The standard deduction for salaried employees is a flat ₹50, 000 from total income under the net salary. It is not applicable to transport allowance and medical allowance. Allow income tax deduction irrespective of the actual spending. To benefit pensioners from the income tax deduction.

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