Applicability of Standard deduction to Pension received from former employer

Dear All,

 

CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40000/-(Standard Deduction) or amount of pension whichever is less , u/s 16 of the Income Tax Act.

 

CBDT Press Release is attached herewith for your reference.

 

 

 

Thanks and Regards,