Standard deduction: salaried taxpayers get the lesser of a fixed deduction or their salary, reducing taxable pay. The standard deduction for salary income is the lesser of the prescribed fixed amount or the amount of salary; where gross salary exceeds the prescribed ... Summary
Standard deduction: salaried taxpayers get the lesser of a fixed deduction or their salary, reducing taxable pay.
The standard deduction for salary income is the lesser of the prescribed fixed amount or the amount of salary; where gross salary exceeds the prescribed fixed amount, the full fixed amount is allowable and is deducted from salary for income tax purposes.
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