Standard deduction - salary

What is the standard deduction for salary for FY 13-14? ie AY 14-15?

asked Jul 24 '14 at 11:03 by akand 12

Thanx, but is 2 lakh the exemption limit or is it the standard deduction available on gross salary?
(Jul 24 '14 at 11:52) akand
1
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.
(Jul 24 '14 at 11:56) Pankaj Batra

Its 2 lakh for all under 60 years of age.

answered Jul 24 '14 at 11:36 by Pankaj Batra 5.2k320

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Asked: Jul 24 '14 at 11:03

Seen: 1,767 times

Last updated: Jul 24 '14 at 11:56