Standard Deduction
Standard Deduction is a flat deduction of Rs. 50,000 (FY 2023-24 onwards) allowed from the salary income of Indian employees, available under both the old and new tax regimes. It was reintroduced in the Union Budget 2018 to replace the earlier transport and medical reimbursement exemptions. Payroll systems factor in the standard deduction while computing monthly TDS on salary.
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