Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07. Chambers of commerce have suggested reintroduction of the standard deduction for salaried employees of at least Rs. 1 lakh.<\/p>\n
The minimum exemption limit may be increased from the current level of Rs. 2.5 lakh to Rs. 3 lakh per annum.<\/p>\n
It is recommended that the exemption limit on medical expenses should be raised to at least Rs. 50,000 per annum.<\/p>\n
To encourage savings under various instruments mentioned therein like PPF, tax-saving FDs etc., the limit can be increased to Rs.2 lakh.<\/p>\n
The government should also include many other cities in the category of higher exemptions for HRA in cities like, Bengaluru, Hyderabad, Pune, Ahmedabad, Jaipur, Noida, Gurgaon etc,.<\/p>\n","protected":false},"excerpt":{"rendered":"
Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07. Chambers of commerce have suggested reintroduction of the standard deduction for salaried employees of at least Rs. 1 lakh. The minimum exemption limit may be increased from the current level of Rs. 2.5 […]<\/p>\n","protected":false},"author":2,"featured_media":126481,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[7291,5471,10183,64706,3584,64,2080,11267,64704,22664,64703,64705],"class_list":["post-126480","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-ahmedabad","tag-bengaluru","tag-budget","tag-chambers-of-commerce","tag-gurgaon","tag-hyderabad","tag-jaipur","tag-noida","tag-ppf","tag-pune","tag-salaried-employees","tag-tax-saving-fds"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2018\/01\/2018_1img24_Jan_2018_PTI1_24_2018_000161B-696x515.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/126480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=126480"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/126480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/126481"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=126480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=126480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=126480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}