My fellow friends from the IT industry what s your take on our Budget

Question

I believe that IT professionals contribute the greatest towards IT declaration. More over, for us to thrive in the industry, up-skilling and constantly learning new technologies is a must. And our knowledge again contributes to the growth of the corporation and in turn the economy. So my question is, do we have to make adjustments to the current budget allocation, or is it already appropriate? (like for example, should we expect/ look forward to allowances for learning and up-skilling oursleves?)

Answer 1

This is what our Co-Founder Vineet Chaturvedi has to say regarding the Union Budget 2019.

In today's competitive #ITskills landscape, a 'skilling allowance' for all tax paying individuals can accelerate India's #skilldevelopment story & provide fodder to corporate growth. Such a rebate that rewards continuous learning will go a long way in creating an industry relevant workforce that can make India a skill hot spot. Continuous learning is a necessity & not just an option anymore & by treating it on par with necessary allowances such as HRA, LTA, DA & others, Indian Govt. would be doing the country a great service. After all, India's biggest strength is its human resource. Such a #taxbenefit will also help IT, ITes industries which are subject to frequent skill churn & to the #edtech industry which has been working towards addressing this skill gap on ground. A reduction in GST for online learning will also help boost a culture of up-skilling among Indians which is necessary for India to maintain an edge in technical skills. #ITskills #SkillIndia

For the complete post please visit :- http://bit.ly/2HETgXt

Comments

Great vision by Vineet. But I think it won't be there as budget is already out. But if implemented it would help many people.

Answer 2

I totally agree with you @Vardhan, up-scaling is much needed, you cannot thrive in a competitive IT company with limited knowledge. Being an all-rounder is much needed. Also when you think about it, having knowledge isn't enough anymore, there are demands for certificates, experience, and whatnot. Getting a certified training can cost you from about Rs.1000 - Rs.50,000 which can get very expensive. I honestly feel getting discounts or scholarships would be great.

Answer 3

I am a Software engineer from Hyderabad. I am from a lower middle-class family. It was hard for me to complete engineering with my financial status. Now I am working as a web developer. In my salary, I have to take care of my accommodation, food, etc. and send money to my family too. I have my seniors telling and undergoing training and some of them have got a better job and salary after that. But every training program is very expensive. I can't afford to spend so much considering my financial situation. It would be very helpful if the government provided discounts or scholarships for such training that improve skills.

Answer 4

I think there should be tax exemptions on training for up-skilling. Under 80C section of Income Tax, tuition fees are eligible for tax exemption. Isn't training also a way to get educated and improve knowledge? There should be tax benefits.

Answer 5

I totally agree with this. People working in IT industry with a handsome salary in India generally get stuck with one technology. Inorder to improve their skill set they go for learning new technology. If up-skilling can give them a tax benefit, that would be great. This way the employees will be happy up-skilling. This will benefit them in the longer run and also give them benefit in terms of tax.

I think this is a great idea for both employee and the company. It would be almost equivalent to getting a scholarship while working. One good step if implemented towards building sharp minds.