MANAGEMENT

Detailed explanation-1: -For the 2022 tax year, tax returns are due April 18, 2023. The 2022 standard deduction is $12, 950 for single filers and those married filing separately, $25, 900 for joint filers, and $19, 400 for heads of household.

Detailed explanation-2: -Applicability of Section 24A: Standard deduction Section 24A provides a flat 30% deduction on net annual value of the rented property, in case the property has been bought using the owner’s own money.

Detailed explanation-3: -Hence one flat deduction is available for the cumulative salary earned from all the employers. For FY 2020-21, standard deduction remains same as the previous year at Rs.50, 000.