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What is the limit for claiming standard deduction for salaried individuals in th

Practice Questions

Q1
What is the limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
  1. 30,000
  2. 50,000
  3. 1 lakh
  4. 1.5 lakhs

Questions & Step-by-Step Solutions

What is the limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
  • Step 1: Understand what a standard deduction is. It is a fixed amount that you can deduct from your total income to reduce your taxable income.
  • Step 2: Know the financial year you are referring to. In this case, it is 2022-23.
  • Step 3: Check the limit for the standard deduction for salaried individuals for that financial year.
  • Step 4: The limit for claiming standard deduction for salaried individuals in the financial year 2022-23 is 50,000.
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