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.