ICAI has demanded that there is a need to increase its limit to provide relief to taxpayers in standard deduction also. Currently, the standard deduction limit under income tax is Rs 50,000. It should be increased to Rs 1 lakh.
New Delhi: Budget 2022: For the last few years, the salaried taxpayers are not getting any special relief in the general budget. The salaried people have high hopes from this budget. Finance Minister Nirmala Sitharaman is expected that she will not disappoint the taxpayers in this budget. To boost the economy in the Kovid epidemic, it is necessary to give relief to the taxpayers. Sources say that this time the Finance Minister can give big benefits to the employed. Especially those people who are doing work from home.
Can get WFH Allowance
Working from home during the Corona period has increased the expenses of the employed person. Internet-broadband, telephone, furniture and electricity bills are higher than before. Earlier, all these expenses were saved in office infrastructure. In such a situation, it is expected that in the upcoming budget (Budget 2022), the employed person can get the gift of work from home allowance from the government.
Work from home culture in Britain
Tax services and financial services company Deloitte India has demanded that employees should be given work from home allowance. If the government cannot give the allowance directly, then there should be a provision for exemption in income tax. Deloitte mentioned the work from home culture in Britain.
Demand for 50 thousand allowance
It was said on behalf of Deloitte that the government has made special rules to give tax relief to employees in Britain. In India, people working in this way can be given exemption. Deloitte India recommends that employees working from their homes should be given work from home allowance deduction of up to Rs 50,000.
ICAI also placed a demand
The Institute of Chartered Accountants of India (ICAI) has also made a similar demand in its recommendations. ICAI recommends that the government should give tax relief on work from home expenditure in the budget 2022. Tax exemption should be given on the expenditure on furniture or office setup at home.
Demand for raising the standard deduction limit
ICAI has demanded that there is a need to increase its limit to provide relief to taxpayers in standard deduction also. Currently, the standard deduction limit under income tax is Rs 50,000. It should be increased to Rs 1 lakh. Standard deduction is being sought for expenses incurred on office work and is in addition to professional tax.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
