As Nirmala Sitharaman presents Union Budget 2020, all eyes are on the big announcements by the Finance Minister. With many others, salaried taxpayers who comprise a good part of the population, are expecting rate cuts in taxes like corporate tax, personal income tax. They may also welcome higher exemption limits.
Here's list of what a salaried employee would expect from Union Budget 2020:
Increase in allowance limit: The allowance limit has bot been revised since long. So employees are looking for major announcements in this regard. Increase in the limit of allowances would help them to keep pace with the rising inflation.
Cut in personal income tax: Increase in basic tax exemption limit of Rs 2.5 lakh would be a welcome measure as such limit has remained constant since FY 2014-15. Increase in limit of deduction under section 80C is another concern of salaried taxpayers.
Section 80C: Tax benefits under this section help individuals to not only save tax but also meet long term goals. Deduction under Section 80C has been kept constant since the financial year 2014-15. To keep pace with the rising inflation limit should be enhanced.
Revised home loan limit: In order to incentivize home buyers and to boost the real-estate sector, the limit for deduction and set-off of losses may be revised upwards.
Latest Business News
