InvestorQ : Has there been any change in standard deduction in the Interim Budget?
Rohan Bhadani made post

Has there been any change in standard deduction in the Interim Budget?

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Abhi Yadav answered.
1 year ago
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Yes, the Finance Minister has made changes in standard deduction for salaried taxpayers by increasing tax exemption limit from Rs 40000 to Rs 50000. Standard deduction of Rs 40000 was introduced in Budget 2018-19 replacing the transport allowance of Rs 19200 and medical allowance of Rs 15000. Standard deduction works very well for salaried taxpayers since they don’t need to maintain proof of expenses thereby reducing paperwork.

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swati Bakhda answered.
1 year ago
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Yes, Finance Minister Piyush Goyal hiked standard deduction amount from Rs 40,000 to Rs 50,000 in the Interim Budget today.

He said this move, “will provide additional tax benefit of Rs 4,700 crore to more than 3 crore salary earners and pensioners.”

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