Shyam Lal Naik (Service) (6156 Points)
05 October 2009Standard deduction was allowed for computation of income from salaries. The objective was to compansate the employment related expenses. It was akin to section 37, which allows expenses incurred for earning income from business or professinn.
Whether the withdrawl of such an exemption(standard deduction from salary) is a blow to salaried class, who are the most disciplined tax payers.
Rajeev
(www.rkmco.com)
(985 Points)
Replied 06 October 2009
Shyam ji ,
You are correct . The Fm wants to tax the easy and sure money by putting the liability on the deductors shoulder .
CAclubindia
