Get HR Software

Is Standard Deductions allowed in proportionate - employee resigned or retired in the month of June


Hi, Good Morning All. As you all know, the standard deduction of Rs. 50k is allowed under section 16(ia) of the Income Tax Act for salaried employees. I just want to know if an employee resigned or retired on 30th June in a financial year, will the standard deduction be proportionate for 3 months at Rs. 12,450/- or will it remain Rs. 50k only.

Kindly comment...

Regards,
Mr. Raj Bhagwat
Deputy Manager - HR
From India, Kalyan
Acknowledge(0)
Amend(0)

KK!HR
1593
The 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
Acknowledge(0)
Amend(0)

Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.

Other Discussions That May Be Relevant
During the financial year and in mid of a month, if i switch job then should both employers deduct my professional tax?
During the financial year and in the middle of a month if i switch jobs should both employers deduct my professional tax at inr 200 for that month?...
3 Replies 0 Files 2 Participants
Understanding tds deduction and employee tax liability scenarios
Hi our senior manager is leaving our company. his salary is inr 556500 per year inr 46375 per month. he will be paid inr 88500 on june 30 in his...
3 Replies 0 Files 4 Participants
Understanding professional and income tax calculation methods with state variations
Hi can anyone help me by explaining how professional tax is calculated? i was able to find the professional tax rates through browsing but i am confused when i see...
9 Replies 0 Files 8 Participants
Understanding tax exemption limits, medical and conveyance allowances, and standard deductions
Hi the maximum medical allowance for tax exemption is rs. 1250 per month rs. 15000 per year. suppose a company is providing medical allowance as rs. 1000 instead of rs....
6 Replies 0 Files 6 Participants
Understanding tax deduction policies for new employees
Hi friends in our company i have seen our payroll team deducting tax in advance. for example one of our employees joined in june 2006 and the payroll department deducted...
6 Replies 0 Files 5 Participants
Understanding tds deduction on salary allowance and employee benefits
What is the system? is that deducted from the basic salary? or else what is the limit for basic salary hra and other allowances to get exempted from income tax....
5 Replies 4 Files 6 Participants
Comprehensive guide on tax deduction and income tax calculation with payslip analysis
Hi please suggest to me what the tax deduction is for me. actually previously i was working in a bank where i received a gross salary of 24000 but i...
4 Replies 1 Files 5 Participants

Related Files & Downloads Shared By Members
 Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
 Insurance Linked Voluntary Payment of Income Tax Act 2009.doc
 EMPLOYEE SALARY INCOME TAX CALCULATION.xls x


Human Resource Management (HRM) Community Journal & KnowledgeBase (Entry: 635470)

India, Kalyan
16 July 2022 05.32.05 AM
Views: 587 Replies: 1 Appreciations: 0

TOP ENTRIES ON SUBJECT

Standard Deduction
Consolidated Salary Is Eligible For Standard Deduction Of Rs.40,000/- In FY 2018 - 19?
Standard Deduction As Part Of Salary Component
What Would Be My In-hand Salary Per Month For Following CTC Breakup
Optimizing Pay Structure: Changes In PF Rules And Standard Deduction Impact
Standard Deduction In Salary - Employee Working With Company Only For Six Months And Remaining Six Month He Is Self Employed
CTC Calculation In Karnataka - What Is The Standard Deduction?

Employee Resignation
Requesting Assistance To Draft A Full And Final Settlement Letter For Employee Debt Recovery
Understanding The Full & Final Settlement Process And Distinguishing Between CTC And Gross Salary
Employee Appreciation And Resignation: Sample Letter Formats And Recommendations
No Dues Clearance Certificate - Doc Download
Guidelines For Experience And Relieving Letter Formats In Employee Resignation Situations
Understanding Leave Policy During Notice Period And Employee Resignation

Income Tax Act
Understanding HRA Limits And Tax Exemption Under The Income Tax Act
Understanding HRA Percentage And Its Impact On Basic Salary According To Income Tax Act
6th Pay Commission Gratuity Vis A Vis It Act For Psu Employees
Taxation Of Salary Components - Query - DOC Download
Understanding Income Tax Benefits For Self-Education Under Section 80E Of The Income Tax Act
Professional Development Allowance In Salary Under Section 10 (14) Of The Income Tax Act





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2025 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.