Standard Deduction

Tax Glossary Definition

Standard Deduction

Standard Deduction: A flat deduction permitted from salary or pension income to simplify tax computation and lower the overall taxable amount. The deduction amount is predefined by the government and applicable uniformly to all eligible taxpayers.

Example: For FY 2024–25, a standard deduction of ₹50,000 is available to salaried individuals and pensioners.

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