Income tax relief, ease of doing business, what the industry wants

mortgage relief, industry experts and workers have high hopes in the 2022 Union budget.

“With the increase in direct tax collections and experts estimating that it exceeds the budget estimate, taxpayers expect relief in terms of an increase in the basic exemption ceiling, an increase in the standard deduction for salaried class, increase in allowance exemption ceiling for salaried class which have not been revised for a long time, increase in deduction ceiling under section 80C.These are mainly expectations of the middle class population,” said Sundara Rajan TK, Senior Partner, DVS Advisors LLP.

The Institute of Chartered Accountants of India (ICAI) has called for about 14 tax and accounting reforms in the upcoming Union budget. The suggestions are essentially aimed at making the laws simple, fair, transparent and less contentious and user-friendly, said ICAI President Nihar N Jambusaria.

“To boost Indian manufacturing and MSMEs, we need a stable GST tax bracket. No product should exceed the slab by 18%, and now they need to encourage consumerism to improve market sentiment,” said Avneet Singh Marwah, CEO of SPPL.

Will the Minister of Finance present a populist budget to boost consumption? Or will the focus be more on bolstering India’s economy hit by the consecutive Covid-19 pandemic over the past two years? The task is certainly not easy, but let’s see what the industry expects from the Minister of Finance in the Union budget 2022

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