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Income Tax - Frequently Asked Questions (FAQs)

FAQs on Salary Income

Mr. X having Gross Salary of Rs. 7,00,000 during the previous year 2022-23. Compute the standard deduction allowable to him?

Contents

Ans. Standard deduction is allowable to the extent of :

a) Rs. 50,000 or

b) Amount of Salary, whichever is lower

In this case standard deduction of Rs. 50,000 is allowable to Mr. X.

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