Hi everyone, I am quite new to all the tax related stuff. Can anyone please help me understand how standard deduction works ?
As I understand, 50k gets deducted from gross salary to reduce tax outgo. But then, what happens to this 50k ? Does it get added to my net salary after tax deduction ? Or do I get this back by filling ITR ?

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OK let's lay u have 15L salary..
Standard deduction is 50k.. Now 50k is not going anywhere.. Its just that the tax would be calculated on 14.5L now.. That's it
50000 gov ne baccha samajh k chor diya.. Like ja 50000 pe tax mat dena

Makes sense now?


What’s your YOE?

Go and check when and why this was introduced? I think 2018/19 budget

It got introduced after removing travel allowance & medical bills

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