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Friday, January 28, 2022

Budget 2022 Expectations: These are the expectations from the budget for the workers working from home, from standard deduction to these important tips on allowance

Budget 2022 Expectations: In ‘Work from Home’, the workers have to spend extra on electricity, internet and furniture etc., regarding which important suggestions have been given to the government before the budget.

Budget 2022 expectations for Salaried Employees: Due to the Corona epidemic, there have been major changes in the way of working around the world. Many workers have been working from home for almost two years. In such a situation, workers are not only having to spend extra to protect themselves and their families from the corona epidemic, but their expenses on internet and telephone, office setup at home have also increased. Apart from this, the cost of electricity has also increased. Before the epidemic, he did not have to worry about these expenses because all the necessary things related to the work were provided by the office.

In such a situation, the salaried employees are expecting ‘work from home’ allowance in the coming budget 2022. He is expected to get tax relief on the additional expenses he had to incur to do office work from home during the pandemic. The countdown for the presentation of the budget for the next financial session 2022-23 has started and on February 1 next month, Union Finance Minister Nirmala Sitharaman can present the next budget. This will be his fourth budget.

Budget 2022 Expectations: These expectations from the upcoming budget for COVID patients and their families, the Finance Minister can give big relief like this

Important suggestions received for Budget 2022

  • Due to work from home, the workers have to spend extra on internet, electricity and furniture etc. Deloitte India in its pre-Budget Expectations 2022 has recommended that workers working from home should be given an additional deduction of Rs 50,000 in the form of work from honor allowance in the budget.
  • In its pre-budget memorandum, the Institute of Chartered Accountants of India (ICAI) has also suggested to the government that expenditure on furniture for work from home, etc., should be specifically brought under the purview of exemption.
  • ICAI has suggested that the government should consider increasing the standard deduction from Rs 50,000 to Rs 1 lakh under Section 16 of the Income Tax Act. ICAI has also suggested linking this deduction limit of Rs 1 lakh to the Cost Inflation Index.

(Article: Rajeev Kumar)

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