The Union Budget 2018-19, the Finance Minister has proposed to provide Rs. 40000/- Standard Deduction from salary income to all employees & pensioners.
As per the Tax rules that are applicable to FY 2018-19 (AY 2019-20) ;
- A Salaried individual can claim annual Transport allowance (conveyance allowance) of up to Rs 19,200 (Rs 1,600/-pm) and up to Rs 38,400/- (Rs 3,200 pm) by differently-abled persons.
- The Salaried can also claim up to Rs 15,000 (Rs 1,250 pm) medical reimbursement. To claim this, you would have been submitting medical bills to your employer and getting the allowance benefit.
- These allowances are part of Section 10 of the Income Tax Act.
