Income Tax Relief for Salaried Class
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The introduction of standard deduction in Finance Bill 2018 was a welcome and most awaited step. However abolishing the exemption in respect of Medical Expenses and transport allowance are shocking to all employees. The Honble FM was kind enough to admitting the fact that on an average salaried employees pays INR 78000 as tax which is manifold higher than a business man. Then also ignoring this no relief was given to salaried class. I URGE FM to kindly compare the average net worth of a salaried employee with that of a business man. The lower taxes paid by them are ultimately adding their networth. It is really painful that when a salaried employees retires than also government fakes one third part of his retirement benefits in the name of tax. The exemption limit of gratuity is not yet amended. Furthermore, at one hand government is committed to provide Healthcare and dreaming of a pensionable society and at another hand taxing the medical expenses. The limit of NPS /Savings have not been revised since long..exemption for Allowance like education allowance has not been reviewed since long. It will be better if the government tax the luxury items used consumed /used by super rich assessee. Out of 30 days salary 10 days salary is taken NY the government as TDS from salary and at all stage. It's entirely against the fundamental principles of Equality before law. I urge all salaried class to please raise the concern, riase their voice and let the government know that we are bearing this injustice silently.
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