Many people are waiting for Union Finance Minister Nirmala Sitharaman to announce the Union Budget 2023 on February 1. Experts think that a lot of big changes and reliefs for filing taxes for the average person could be implemented.
Experts have predicted that the Union Budget 2023 will include a variety of benefits, including the introduction of the Work From Home Allowance for individuals who currently work from home offices.
A year after the Covid pandemic struck the nation, there were calls for Work From Home Allowance, and many businesses have asked their employees to choose the hybrid or WFH model to protect themselves from the lethal virus.
Employees who have been working from home for the past two years will receive much-needed relief from the Work From Home allowance, which is expected to be announced in Budget 2023. The information you need to know about the WFH allowance during the upcoming budget session can be found here.
What is WFH employees’ Work From Home Allowance?
Experts believe that those who have been working from home and setting up a home office as a result of the pandemic will benefit greatly from the Work From Home Allowance.
The Work From Home Allowance, according to media reports, aims to provide individuals who have been working toward setting up home offices with a certain allowance. It is likely that those who choose the WFH model will be granted a tax-related relief since they are unlikely to receive a direct allowance.
Employees in the hybrid or WFH model are likely to receive some tax benefit if the Work From Home Allowance is approved and announced in the Union Budget 2023 next month. This could help them save a significant amount of their salaries.
The enhancement of the 80C exemption as well as an increase in the standard deduction are two additional benefits that are likely to be announced by FM Nirmala Sitharaman. Although the Centre has not yet officially confirmed anything, it is anticipated that the general public will gain once the Budget 2023 is announced.
