standard deduction 50000

[8086_16bit]

my ctc is 5.5 lpa and when i saw break-up it says standard deduction of -50,000
so is there any way to claim this deduction ?
if anyone knows please help me with it .
thanks

 

[wcgxlr8]

I assume this won't make any difference for you if have opted for the new tax regime as you don't have to pay tax based on your income.

 

[8086_16bit]

like opted for new regime , and the standard deduction is 50k ,
i want to know is there any way we can claim it?

 

[hitirfan]

like opted for new regime , and the standard deduction is 50k ,
i want to know is there any way we can claim it?

It's automatically applied for both Old regime and new regime. There after tax is calculated on remaining amount.

Then In old regime u can show some deductions like insurance, pf etc

 

[8086_16bit]

like while filing itr , i just need to show deduction , and i can claim that 50k is this what you are saying?

 

[wcgxlr8]

No, you can't claim it; your taxable income is your net income - standard deduction

 

[hitirfan]

like while filing itr , i just need to show deduction , and i can claim that 50k is this what you are saying?

When u fill ur income there, 50K standard deduction will be automatically added there, then ur taxable income will be your Gross income minus 50K

 

[8086_16bit]

ohk thanks