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of <h1>Standard Deduction of Rs. 50,000 Available to Salaried Individuals and Pensioners Under Section 16(ia), Subject to Conditions.</h1> The standard deduction is applicable to all salaried individuals, including employees of both Central and State Governments, and pensioners. It is available regardless of the employer's nature. The deduction amount is Rs. 50,000 or the salary/pension amount, whichever is lower. However, this deduction under section 16(ia) is only applicable to pensions categorized as 'Income under the head Salaries' and not for pensions categorized as 'Income from Other Sources.'
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