Budget 2017 might restore standard deduction

This, if govt accepts Easwar panel report in this regard

Standard deduction for personal income tax might return after 12 years in the Union Budget for 2017-18, if the finance ministry accepts recommendations of the tax simplification committee chaired by ex-judge R V Easwar. 

Sources say the panel, in its second report given recently to the ministry, has suggested doing so.

Standard deduction was given as a lump-sum benefit towards cost to income till 2003-04. In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees. 

"Standard deduction is simple to administer," said Amit Maheshwari, partner, Ashok Maheshwary & Associates.