Raj BhagwatHi, Good Morning All.
As you all know that the standard deduction of Rs.50 k allowed u/s 16(ia) of the Income Tax Act to the salaried employees.
I just want to know if an employee resigned or retired in the month of June (on 30th June) in a financial year, the standard deduction will be proportionately for 3 months is Rs.12450/- or it will remains Rs.50 k only.
Mr. Raj Bhagwat
Deputy Manager - HR
From India, Kalyan
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Deputy Manager - Hr
KK!HRThe standard deduction is for the earnings in the whole year. So it is Rs. 50K. The employee may draw some income after leaving service too.
From India, Mumbai