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Mr. X having Gross Salary of Rs. 7,00,000 during the the previous year 2018-19. Compute the standard deduction allowable to him?
Question
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Answer ( 1 )
Standard deduction is allowable to the extent of :
a) Rs. 40,000 or
b) Amount of Salary, whichever is lower
In this case standard deduction of Rs. 40,000 is allowable to Mr.X.