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Section 16 of the Income Tax Act allows a standard deduction from the gross salary of an employee. This deduction is available to all salaried employees, irrespective of their income or deductions claimed under other sections.The standard deduction is a flat deduction, which means that it is not dependent on the actual expenses incurred by the employee. It is a way of providing a basic level of tax relief to all salaried employees. Salaried individuals' standard deduction under the old regime is Rs.50,000 , whereas in the case of the new regime, the limit has been increased to Rs. 75,000 for the FY 2024-25.
My father is presently 25 years older than me. The sum of our ages 5 years ago was 39 years. Find my present age.
15 years ago, the average age of all the 40 teachers of the college was 50 years. 8 years ago, the principal has retired from her post at the age of 60 ...
The sum of the ages of a father and his son is 50 years. After 10 years, the father will be four times as old as the son. What are their current ages?
The ratio of the present ages of P and Q is 8:5 respectively. If the age of P 10 years hence from now will be 100% more than the age of Q 4 years ago fr...
The ratio of the present ages of ‘A’ and ‘B’ is 5:6, respectively. Three years hence from now, the age of ‘B’ will be 21 years. If the avera...
The respective ages of a mother and her daughter are 30 and 8 years. In how many years will the mother be thrice as old as her daughter?
16 years ago from now, ratio of ages of ‘R’ and ‘L’ was 3:5, respectively. If ‘L’ is 9 years elder to ‘R’, then what will be the age of ...
The ratio of the husband’s age three years from now to the wife’s age two years ago is 9:7. Additionally, the ratio of the husband’s age one year ...
The present age ratio of A and B is 4:7. After 5 years, the ratio of their ages will be 5:8. Find the present age of B.