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Standard deduction - (New) Section 19 / (Old) Section 16(ia)

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Full Text of the Document

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....uction amount: • 50,000 (for the regular tax regime). • 75,000 (for the new tax regime under section 202(1). • No documentation required to claim this deduction. Standard Deduction is only for Salaried Individuals [ Section 16(ia) of the Income tax Act, 1961 ] • Deduction u/s 16(ia) states that a tax payer having income chargeab....

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