Salaried taxpayers and pensioners need not have to furnish any bills or documents to claim the standard deduction of ₹40,000 announced in the budget on February 1, according to CBDT chief Sushil Chandra. “The budget, this time, has given a large benefit of flat ₹40,000 as a standard deduction to the salaried class of taxpayers and pensioners. Mr. Chandra said the new measure will benefit all salaried employees, without the hassle of filing supporting documents or bills. “Standard deduction means that it is without documentation. We will we give a flat ₹40,000 deduction out of the salary,” he said.

Source: The Hindu February 01, 2018 12:11 UTC