Many are waiting for Union Finance Minister Nirmala Sitharaman to announce the Union Budget 2023 on February 1, with experts speculating that several big changes and reliefs in tax filing can be introduced for the common man.
Among the different benefits that are being predicted by experts in the Union Budget 2023, it is likely that the Centre will launch the Work From Home Allowance for those who are currently working from their home office, giving them some relief.
There were demands for Work From Home Allowance a year after the Covid pandemic hit the country and many companies have asked their employees to opt for the hybrid or WFH model to keep themselves safe from the deadly virus.
The Work From Home allowance, likely to be announced in Budget 2023, will provide much-needed relief to employees who have been working from home for the last two years. Here is all you need to know about the WFH allowance in the upcoming Budget session.
What is Work From Home Allowance for WFH employees?
It is expected that the Work From Home Allowance can provide major relief to those people who have been working from their residences and setting up a home office due to the pandemic, as per experts.
According to media reports, the Work From Home Allowance aims at giving a certain allowance to those who have been working towards setting up their home offices. Since a direct allowance is unlikely to be provided to them, it is likely that a tax-related relief will be allowed for those opting for the WFH model.
If the Work From Home Allowance is approved and announced in the Union Budget 2023 next month, it is likely that employees in the hybrid or WFH model will receive some amount of tax benefit, which can help them save a significant amount of their salaries.
Other benefits that are likely to be announced by FM Nirmala Sitharaman include the increase of 80C exemption and a standard deduction hike. Though nothing has been officially confirmed by the Centre yet, it is expected that the common man can benefit after the Budget 2023 is announced.