Mr. X having Gross Salary of Rs. 7,00,000 during the previous year 2022-23. Compute the standard deduction allowable to him?
​Standard deduction is allowable to the extent of :
a) Rs. 50,000 or
b) Amount of Salary, whichever is lower

In this case standard deduction of Rs. 50,000 is allowable to Mr.X.