Section 16 of the Income Tax Act| Section 16 deductions help revise your taxable income to reduce your tax liability. Standard deduction Deduction from entertainment allowance paid by your employer Deduction at the professional rate from salary income Therefore, The standard deduction under Section 16(ia) – Under Section 16(ia), the standard deduction is the fixed deduction allowed from your salary income. It replaced transport allowance and medical treatment deductibles and was introduced by the Government in the Union Budget 2018. The amount of standard deduction allowed was Rs.50,000. You can deduct this amount…