Is there any standard deduction for FY 2019 20?
First you can claim standard deduction of Rs 50,000 for FY 2019-20 as against Rs 40,000 available for current financial year as Budget 2019 proposes to hike this standard deduction by Rs 10,000.
This can be claimed as a deduction from your gross income of Rs 7.75 lakh reducing it to Rs 6.25 lakh..
What is the standard deduction for AY 2020 21?
Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less. *Increased to Rs 50,000 for FY 2019-2020(AY 2020-21) through the Interim Budget 2019.
Should I itemize or take standard deduction in 2019?
To decide whether itemizing is worth it, you will need to do some math. Add up all the expenses you wish to itemize. If the value of expenses that you can deduct is more than the standard deduction ($12,200 for 2019) then you should consider itemizing.
What is the standard deduction for senior citizens in 2020?
The standard deduction for 2020 is $12,400 for singles and $24,800 for married joint filers. There is also an “additional standard deduction,” for older taxpayers and those who are blind. A married filer who is blind or aged 65 and over can claim $1,300 for themselves.
What is the standard deduction for 2019 taxes?
For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads of households, the standard deduction will be $18,350 for tax year 2019, up $350.
What is the standard deductions for 2020?
For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300.