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Can I Claim Standard Deduction of Rs 50,000 with Income of Rs 4.00 Lakh as Consultant and Pension?

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Nandkumar on Aug 06, 2024Hindi

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I am retired but working as Engineering Consultant. From consutancy I have got income of about Rs 4.00 Lakh. But I get Family pension of Rs 1600.00 per month . So can get standard deduction of Rs 50000.00 for FY 23-24

Ans: NO

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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sir, under IT new tax regme, I am told that for pensioners standard deduction of Rs 50,000 is allowed kindly clarify wheher this position is correct. Further, Sir, under new regime deductions such as disability rebate of Rs 75 ,000 u\s 80 U and health insurance premium of Rs 20,000 are allowed Kindly advise me.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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