TDS - Standard deduction section 16(ia)
TDS - Standard deduction section 16(ia)
Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per annum Interestingly, the provision of Standard Deduction was earlier available. For the FY 2019-20 & FY 2020-21 the limit of the standard deduction is Rs 50,000.
The software automatically calculates the standard dedication when you enter the salary details.
Go into Deductee Detail > Salary Detail feature given in menu bar.
Now, double click on the employee for which you wish to enter the details.
As you enter the salary details, Standard automatic values will come automatically.
Hope this helps
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