Clarification regarding applicability of standard deduction to pension received from the former employer

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..... Clarification regarding applicability of standard deduction to pension received from the former employer - News and Press Release Dated:- 5-4-2018 - News - The Central Board of Direct Taxes (CBDT) .....

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..... has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries . The Finance Act, 2018 has amended Section 16 of the Income tax Act, 1961 ( t .....

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..... he Act ) to provide that a taxpayer having income chargeable under the head Salaries shall be allowed a deduction of ₹ 40,000/- or the amount of salary, whichever is less, for computing his .....

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..... taxable income. Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of ₹ 40,000/- or the amount of pension, whichever is less, .....

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..... under Section 16 of the Act. Earlier, the representations were received seeking clarification as to whether a taxpayer, who receives pension from his former employer, shall also be eligib .....

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..... le to claim this deduction. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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