Which deduction IS available under Section 115BAC?
AStandard deduction from salary
BSection 80C
CLeave Travel Allowance
DHouse Rent Allowance
Answer & Solution
Correct answer: A. Standard deduction from salary
1. Default regime under 115BAC has limited deductions/exemptions.
2. Standard deduction (Rs. 75,000 for FY24-25) from salary IS allowed.
3. Section 80C, LTA, HRA are NOT available — only std deduction, employer NPS under 80CCD(2), few others.
_Source: ICAI BoS CA Final Paper 7, Ch 1 "Basic Concepts"_
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