Budget 2018: With the Union Budget to be presented soon by Finance Minister Arun Jaitley, various sections of the society have expressed their budget expectations. Whether their wishes get fulfilled this time is yet to be seen. However, if some reports are to be believed, then good news may finally arrive for the salaried class on February 1. In fact, ET Now has tweeted that “after the rollout of GST, the Narendra Modi government has its eyes set on the next big tax reform. And it’s a reform that will be cheered by all salaried folks.”
In its exclusive report, ET Now has said that the Modi government is working on a mega reform to ease salary structures. The Modi government may give a standard deduction as tax-free expense to employees. In fact, PMO and the Finance Ministry are discussing the quantum of standard deduction for salaried employee and are also studying the revenue implication of giving a generous standard tax deduction. They want the salaried employee get more in hand and be free of cumbersome paperwork.
According to ET Now, standard deduction over time may make the complicated tax-free heads redundant. The government wants to bring parity in the tax burden of salaried and non-salaried assessees.
It may be noted that we had also recently reported that a majority of people, including tax experts, believe that to bring in parity between individuals carrying on business and those in employment, there is need for reintroduction of erstwhile standard deduction in India, which will result in more money inflow to the common man. And this should be done in the Union Budget 2018.
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