Standard deduction under income tax act for fy 2018-19 under which section
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The standard deduction from Salary of Rs. 40,000 has been introduced in Budget 2018 and is applicable for Financial Year 2018-19. From Financial Year 2019-20 onwards, this standard deduction has been increased to Rs. 50,000 p.a. This deduction is allowed irrespective of the actual expense incurred by the employee.
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