Indian taxpayers could expect some relaxation from Finance Minister Nirmala Sitharaman in the upcoming Union Budget.
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Word on the street is that the tax rate on the highest slab, which is 30% at present, could be cut down to 25%. Not just that, the threshold limit for the highest tax rate could also be increased to Rs 20 lakh from the current Rs 10 lakh.
Deloitte India in a Pre-Budget Expectation report said that it believes the move is needed to bring parity in the personal income tax with the corporate tax rate that was reduced in 2019.
Deloitte has also called for additional deductions to the tune of Rs 50,000 for expenses incurred by the employees during work from home.
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