Industry body Assocham wants the government to present a women-friendly budget this time.
Assocham is vying for a women-friendly budget from the government this time. For this, it has suggested certain measures that the government can include in the 2016-2017 financial statement.
"While we are confident about a positive multiplier effect of leaving more money in the hands of taxpayers, 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.
"To supplement household income, more woman are entering the job market. With increased phenomenon of nuclear families, working women need support in terms of care of young children while they are at work."
"Hence, to encourage more women in the workforce, it is desirable that a specific provision is introduced for allowing the exemption for creche provisions," the memorandum on direct tax recommendations stated.
This is what the industry body proposes as a part of its pre-Budget recommendations to the Finance Ministry.
-- A 10-fold increase in children's education allowance. Currently, the monthly children education allowance exemption is Rs 100. The industry body wants it to be hiked to Rs 1,000 per month.
"The limit for children education allowance is too low as compared to the prevailing school fee and was fixed in 1988-99," it said.
-- It has demanded that the hostel expenditure allowance, which is exempted up to Rs 300 per month per child for a maximum of two children, be increased to Rs 3,000 per month. "The limit of hostel expenditure allowance was fixed in 1988-89," it noted.
-- Offer tax exemption to creche facilities in the Budget 2016
-- An allowance of up to Rs 2,500 per child every month for up to two children
-- Medical expenses reimbursed by the employer are currently exempted to the extent of Rs 15,000 per annum, which needs to be revised significantly to at least Rs 50,000, as the limit was fixed 17 years ago and extended to retired employees as well.
(with agency inputs)
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