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Standard Deduction – Section 24a

Standard Deduction of 30% of Annual Value is allowed as deduction to every person.

Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction.

Flat 30% of deduction shall be allowed irrespective of the expenses incurred by the assessee.

About Prateek Agarwal

Prateek Agarwal is a Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He writes mainly about GST and Finance.

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