Tax Relief

Earnings Tax Reduction, Ease of Doing Biz, What the Trade Needs

Easing home loans, industry experts and employees have high hopes for Union Budget 2022.

“With the increase in direct tax revenues and estimates by experts that they exceed the budget estimate, taxpayers expect relief in terms of the increase in the basic tax credit limit, the increase in the standard deduction for the working class and the increase in the tax allowance for salaried class, that have not been changed for a long time, increasing the deduction limit under Section 80C. These are largely the expectations of the middle class,” Sundara Rajan TK, Senior Partner, DVS Advisors LLP.

The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget. The proposals essentially aim to make laws simple, fair, transparent and less contentious and user-friendly, ICAI President Nihar N. Jambusaria said.

β€œTo boost Indian manufacturing and MSMEs, we need a stable GST control board. No product should be above the 18 percent mark and they need to encourage consumption now to improve market sentiment,” said Avneet Singh Marwah, CEO of SPPL.

Will finance minister present populist budget to boost consumption? Or will the focus be more on strengthening India’s economy, which has been hit by back-to-back Covid-19 pandemics over the past two years? The job is certainly not easy, but let’s see what the industry expects from the finance minister in the 2022 Union budget

Read all breaking news, breaking news and coronavirus news here.

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