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What is the limit for standard deduction for salaried individuals for the financ

Practice Questions

Q1
What is the limit for standard deduction for salaried individuals for the financial year 2022-23?
  1. 30,000
  2. 50,000
  3. 1,00,000
  4. 1,50,000

Questions & Step-by-Step Solutions

What is the limit for standard deduction for salaried individuals for the financial year 2022-23?
  • Step 1: Understand what a standard deduction is. It is a fixed amount that reduces your taxable income.
  • Step 2: Identify the financial year in question, which is 2022-23.
  • Step 3: Look up the standard deduction limit for salaried individuals for that financial year.
  • Step 4: Find that the limit for standard deduction for the financial year 2022-23 is Rs. 50,000.
  • Step 5: Conclude that salaried individuals can deduct Rs. 50,000 from their taxable income.
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