Clarification regarding applicability of standard deduction to pension received from the former employer

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....larification regarding applicability of standard deduction to pension received from the former employer <br>News and Press Release<br>Dated:- 5-4-2018<br><BR>The Central Board of Direct Taxes (CBDT) h....

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....as clarified that the pension received by a taxpayer from his former employer is taxable under the head "Salaries". The Finance Act, 2018 has amended Section 16 of the Income-tax Act, 1961("the Act") ....

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....to provide that a taxpayer having income chargeable under the head "Salaries" shall be allowed a deduction of &#8377; 40,000/- or the amount of salary, whichever is less, for computing his taxable inc....

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....ome. Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of &#8377; 40,000/- or the amount of pension, whichever is less, under Secti....

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....on 16 of the Act. Earlier, the representations were received seeking clarification as to whether a taxpayer, who receives pension from his former employer, shall also be eligible to claim this deduc....

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....tion.<BR> News - Press release - PIB....