What is the standard deduction in Indian income tax?
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The standard deduction in Indian income tax is a flat deduction allowed from the total income of salaried individuals and pensioners to reduce their taxable income. It was introduced in the Finance Act, of 2018, and is currently set at ₹50,000 per annum for salaried individuals. This deduction is available in lieu of certain other deductions such as transport allowance and medical reimbursement.