â¹40k standard deduction allowed on pension from ex-employer
Taxpayers who get pension from former employers are eligible to claim standard deduction of â¹40,000, Income Tax department has said. If pension is less than â¹40,000, then the deduction allowed will be limited to actual pension received, it added. In Budget 2018-19, standard deduction of â¹40,000 was introduced for salaried people in lieu of existing transport allowance and medical reimbursement. 