What is the standard deduction for salary for FY 13-14? ie AY 14-15?
Thanx, but is 2 lakh the exemption limit or is it the standard deduction available on gross salary?
For first 2 lakhs of taxable income, there is no income tax. This is standard deduction.
One can also avail other deductions like 80C, 80D, home loan interest etc to reduce taxable income.
Its 2 lakh for all under 60 years of age.
akand
1
Thanx, but is 2 lakh the exemption limit or is it the standard deduction available on gross salary?
For first 2 lakhs of taxable income, there is no income tax. This is standard deduction.
One can also avail other deductions like 80C, 80D, home loan interest etc to reduce taxable income.