How is Standard Deduction calculated on Quicko?
The standard deduction offers a flat reduction on taxable salary, providing tax relief to all salaried individuals. It was introduced as this simplifies tax compliance by replacing small allowances like medical & transport, and eliminates the need to submit proofs.
How is it calculated on Quicko?
The standard deduction is a fixed amount and is auto-calculated on Quicko based on the salary(s) entered. The deduction is applied after claiming exemptions under Section 10 on the gross salary.
Steps to check the standard deduction
- Navigate to File > Incomes > Salary and click on the salary card
- Under Salary Summary, you'll be able to verify the amount availed as standard deduction
If you switched jobs during the year, the total standard deduction of ₹50,000 can be claimed across all your salary incomes.If you still have any further queries, you can raise a ticket to get in touch with us.
Related Articles
How is standard deduction on rent calculated?
If you’ve rented out your property, ongoing costs like maintenance, repairs, or upkeep are still ongoing. To simplify things, the Income Tax Department allows a 30% standard deduction on the net annual value (rent received minus property taxes paid). ...Deduction against Interest Income
Section 80TTA provides a deduction on interest earned from savings accounts with banks, post offices, or cooperative societies. Note that it only applies to interest from savings accounts, not fixed or recurring deposits. Common Questions: 1. Why is ...Deduction for Royalty income
Royalty income is earned when someone pays to use something you own, like intellectual property or patents. Authors and patent holders can claim deductions on this income under specific sections of the Income Tax Act. Section 80QQB allows authors of ...Claim Deduction for Rent Paid
You can claim a deduction on the rent you pay for your accommodation under the old tax regime. This benefit is only for individuals who don't receive a House Rent Allowance (HRA) from their employer or are self-employed. How is deduction u/s 80GG ...Deduction for Education Loan
An education loan deduction is a tax incentive given to people who avail of loans for higher studies. This deduction is available only on the interest amount paid on the loan and not on the principal amount. Education Loan deduction can be claimed ...