 "Budget 2017 might restore standard deduction")
Standard deduction for personal income tax might return after 12 years in the Union Budget for 2017-18, if the finance ministry accepts recommendations of the tax simplification committee chaired by ex-judge R V Easwar.
Sources say the panel, in its second report given recently to the ministry, has suggested doing so.
Standard deduction was given as a lump-sum benefit towards cost to income till 2003-04. In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
"Standard deduction is simple to administer," said Amit Maheshwari, partner, Ashok Maheshwary & Associates.
