Nearly all salaried taxpayers have reported increase in their monthly expenses via higher utility bills; more bandwidth bought on broadband, higher electricity consumption etc
They are not eligible to deduct their utility bills or the cost of asset purchase from their salary income
Coronavirus had made more people work from home than ever before. Big or small, all offices are empty while homes which used to be a source of peace and calm have become chaotic and stressful. With no end in sight for the pandemic, India’s salaried class is braving difficult times keeping up with working from home.
India’s salaried are perhaps the most honest of all taxpayers. TDS on salary is well laid out leaving little scope for any kind of favourable tax arrangements which are legal. At the same time, those running a business are allowed to reduce related expenses from their business receipts. And in case the business runs a loss, it can be reduced from future business income. On the other hand, the salaried have to do a tight rope walk. Any excesses must be absorbed as only a small set of deductions are allowed to be claimed from salary income. If you are someone who doesn’t have to pay interest on home loan EMIs, the available pool of tax benefits becomes even smaller.
Source: livemint
