Income Tax Relief, Ease of Doing Biz, What Industry Wants

relief on homeloans, industry experts and salaried individual have high hopes from Union Budget 2022.

“With the increase in direct tax collections and with experts estimating it to cross the budget estimate, tax payers expect relief in terms of increase in basic exemption limit, increase in standard deduction for the salaried class, increase in the exemption limit of allowances for salaried class which have not been revised for a long time, increase in limit of deduction under section 80C. These are predominantly the expectations from the middle class population,” 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 suggestions essentially aim at making laws simple, fair, transparent and less litigative and user friendly, ICAI president Nihar N Jambusaria said.

“To boost Indian manufacturing and MSMEs, we need a stable GST tax slab. No product should be above the 18 per cent slab, and they must now encourage consumerism in order to improve market sentiment,” said Avneet Singh Marwah, CEO at SPPL.

Will finance minister present a populist Budget to boost consumption? Or the focus will be more on strengthening Indian economy hit by back-to-back Covid-19 pandemic in the last two years? The job is certainly not easy but let’s see what industry expects from finance minister in Union Budget 2022

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