Employment expenses A standard deduction of INR 50,000 is available while computing the taxable salary income under the old regime and INR 75,000 under the ATPR. Deduction from total income Personal deductions No deductions are available for interest or taxes paid to tax authorities. Deductions up to certain limits are allowed for contributions to approved charities and to a very limited extent, allowances for children’s education/ hostel expenses received from the employer. A deduction ... DEDUCTION definition: 1. the process of reaching a decision or answer by thinking about the known facts, or the decision…. Learn more. The term Tax Deduction is a core concept under taxation. Get to know the definition of Tax Deduction , what it is, the advantages, and the latest trends here.
