New Delhi, Jan 10 || The government should consider enhancing standard deduction for salaried employees, allowing more time for belated tax returns and several measures to improve ease of doing business in the upcoming Union Budget, a report has said.
The report from KPMG India said India’s top expectations from the budget include a raise in the standard deduction for salaried employees to Rs 1 lakh and extension of timelines for filing revised or belated returns to help taxpayers with cross‑border income reporting obligations, the report said.
"In cases, especially when individuals with cross border investment and income file tax returns their home or host country are not finalised, which may lead to under-reporting and over-reporting of income," the report explained the rationale for allowing more time for revised or belated returns.
The business advisory firm also recommended allowing housing loan interest deductions against salary income, including for self-occupied property.