Standard deduction Rs.50,000/- U/s 16(ia) – With Income Tax Preparation Software in Excel for the F.Y. 2020-21 as per U/s 115 BAC
The standard deduction U/s 16(1a) was reintroduced in the 2018 budget and amended in the 2019 budget, with the aim of replacing medical allowances and travel allowances for salaried employees.