The Union Budget 2022 is expected to release on 1 February by the Finance Nirmala Sitharaman. The last year's budget was based on health and rural infrastructure development but this year it is assumed that the budget will be more toward the economy of the country as the coronavirus surge. It is also said that the Finance minister will especially look after work from home employees and give special benefits to them, she will also not disappoint the tax givers this year.
What has ICAI demanded? Institute of Chartered Accountants of India (ICAI) has also made some special demands after Tax services and financial services company Deloitte India. The ICAI recommended that the government should provide tax relief in budget 2022. Especially for the Work from home employees, the government should provide a special allowance for furniture such as desk, chair or other items for office work.
Will the government raise the standard deduction limit?The ICAI also demanded special relief in the standard deduction for the taxpayers. They also said that there is a need to increase the deduction limit. At present, the standard deduction limit under income tax is Rs 50,000 and the ICAI demanded that it should be increased up to 1 lakh.