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<h1>Individual with Rs. 7,00,000 salary eligible for Rs. 50,000 standard deduction for 2022-23 tax year.</h1> An individual with a gross salary of Rs. 7,00,000 for the previous year 2022-23 is eligible for a standard deduction. The standard deduction is either Rs. 50,000 or the amount of the salary, whichever is lower. Therefore, the allowable standard deduction in this case is Rs. 50,000.