Standard income tax deduction may be hiked by 30-35% in Budget 2022: Reports

Salaried taxpayers may have something to look forward to in the Union Budget 2022 next month. According to news reports, the Centre is mulling an increase in the Rs 50,000 standard deduction limit available to salaried taxpayers and pensioners by 30-35 percent.

Salaried taxpayers may have something to look forward to in the Union Budget 2022 next month. According to news reports, the Centre is mulling an increase in the Rs 50,000 standard deduction limit available to salaried taxpayers and pensioners by 30-35 percent.

Industry groups have suggested the change, and officials from the finance ministry are considering it. It should be noted that those who picked the new taxation regime will not be able to take advantage of the standard deduction.

Given the rising healthcare expenses due to COVID-19, one of the most common requests in terms of personal taxation is to increase the standard deduction limit by 30-35 percent, according to an official in the finance ministry.

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