Income tax rules: What is standard deduction?1 min read 12 Jun 2018, 02:03 PM IST
Standard deduction has gone up by ₹5,800 (Rs 40,000-Rs 34,200), helping a person in the highest income tax slab save ₹1,810
Standard deduction is a fixed deduction that is allowed to specific income tax assessees, irrespective of expenses incurred or investments made. Unlike other deductions and exemptions, to claim standard deduction, one need not provide any documents and proofs.
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