It’s vital to remember that the standard deduction was only accessible to people who chose the previous tax system; starting with the financial year 2023–24, it will also be available under the new system. Which Person is Not Qualified for the Standard Deduction? The standard deduction is ...
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in...
The simplicity of calculation of standard deduction was its main advantage. It was given as a straight deduction from the income chargeable under the head salary. It did not require any disclosures, investment proofs or bills. It had put the salar...