Budget Expectations: Standard Deduction Hike, Ease of Doing Business

A report by KPMG India has suggested several changes for the upcoming Union Budget.

They want the government to increase the standard deduction for salaried employees to Rs 1 lakh.

This would help people who have income from different countries file their tax returns more easily.

The report also suggests allowing deductions for housing loan interest, even for self-occupied properties.

For businesses, they want clearer tax rules for foreign companies and exemptions from certain taxes when they earn extra income from their main business.

They also want faster refunds for cases where the tax rates are higher on inputs than on outputs.

These changes aim to make it easier for people and businesses to follow tax rules and improve India's competitiveness.