Income Tax Deductions, Work From Home Benefits,Budget 2021 - The Sikh Times
Finance

Income Tax Deductions, Work From Home Benefits,Budget 2021

28 JAN 21The challenges before Finance Minister Nirmala Sitharaman as she prepares to present the Union Budget for 2021-22 are all too well known. The nation is just about emerging from a year of economic contraction, business shutdowns, and job and income losses, all brought on by the Covid-19 pandemic. Measures are needed to accelerate growth, create more jobs, increase household incomes, boost investment and consumption and nurse the economy back to health. At this unprecedented economic juncture, here is what the middle-class taxpayer expects from the Finance Minister: – The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks forward to boosting demand.- In order to provide relief to salaried middle-class taxpayers amid a global pandemic, the central government should consider hiking the standard deduction limit in the upcoming Budget 2021. The standard deduction is a fixed deduction that is allowed to specific income tax assessees, irrespective of expenses incurred or investments made. Introduced in the 2018-19 Budget, the standard deduction replaced the medical and transport allowance. At that time, a salaried individual or pensioner could claim a standard deduction of up to Rs 40,000 from their income. It was further increased to Rs 50,000 in the following Budget

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