Applicability of Standard Deduction under Section 16 of the Income Tax Act

The Central Board of Direct Taxes Vide Press Release dated 05th April 2018 clarified that taxpayer who is in receipt of pension from his former employer shall be entitled to claim a Standard deduction of Rs. 40,000/- or the amount of pension in a year, whichever is less, under Section 16 of the Act.

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