Budget 2016: Mr Jaitley, these 5 tax exemptions could empower womenFeb 19 2016,
Finance Minister Arun Jaitley should increase tax exemption slab from Rs 2,50,000 up to Rs 5,00,000 for single mothers and exempt day care expenses in the Budget to encourage more women to join the corporate sector and empower them, experts say.
Asscoham has sought more tax exemptions for women in order to help salaried income households. “While we are confident about a positive multiplier effect of leaving more money in the hands of tax payers, a lot of women-specific proposals should be brought in the Budget so as to empower them economically,” Assocham President Sunil Kanoria said in a statement.
Vaibhav Sankla, Director, H&R Block Pvt Ltd lists out 5 broad expectations of a working woman from Budget 2016
1. Higher tax exemption slab for single mothers: Given the dearth of opportunities for working women in the corporate sector they have to work hard to make ends meet. In such a scenario we need to provide some additional tax exemptions to women who are single mothers. An increase in the tax exempt slab from Rs 2,50,000 up to Rs 5,00,000 for single mothers would provide a great relief to them.
2.Tax exemptions for day care expenses: To ensure a stress free working, many women rely on good quality day care facilities/creches, which don’t come cheap and require quite substantial amounts. A tax exemption for these expenses is definitely called for. An amount of Rs 3,000 per child per month is a fair amount of exemption to be expected considering current inflation rates.
3. Tax exemptions for domestic help: Most of working women rely on domestic helps to ensure smooth functioning. The domestic help sector largely remains unorganised, however, a special allowance can be expected to be added to the working women salary that can be exempted up to a certain limit each month. An exemption of Rs 2000 per month can be granted just like conveyance allowance is exempted up to Rs 1,600.
4. Deductions for expenses on self-defense training: India still remains unsafe for women who work in late night shifts and the first line of defense is your own self. In such a scenario women are increasingly opting to learn and practice self-defense techniques. The budget needs to provide some deductions for expenses made for this purpose.
5. Separate deductions for expenses made on certain specified diseases related to women: Women particularly face some threats from various types of cancers that are akin only to them. Apart from this they also suffer from hormone imbalance issues that need medical attention after a particular age. The taxman needs to provide them with a separate section under Chapter VIA deductions that provides a specified deduction on expenses made on treatment of these diseases.
Source: Financial Express
News Category: - Media Coverage