Budget 2022: Rationalisation Of Corporate Tax Compliance, Relief To Individual Taxpayers Top Wishlist
NDTV
The Union Budget 2022 is fast approaching and like every year, India Inc and individuals are looking forward to the announcements in the Budget, especially on the tax front.
The Union Budget 2022 is fast approaching and like every year, India Inc and individuals are looking forward to the announcements in the Budget, especially on the tax front. To gauge the market sentiments and better understand the expectations from this year's Budget, Grant Thornton Bharat conducted a pre-budget survey.
The survey results highlight a high level of optimism with respect to resilience in the economy. 81% of respondents expect that the third wave of the pandemic will not cause major disruptions and the economy will continue to grow in 2022. The survey also highlights that rationalisation of corporate tax compliances and certain tax relief to individual taxpayers are the top asks of the taxpayers from the upcoming budget.
A majority of the respondents believe that personal taxation requires some reform in the upcoming budget. 57% of respondents chose personal taxation as the top area for reforms, followed by customs and GST which stood at 25%. Households adversely impacted by the pandemic expect some measures that would leave more cash in hand to bring some cheer amidst all the gloom.
69% of respondents expect that the government would increase the basic exemption limit applicable to individual taxpayers from the existing Rs 2.5 lakh. Further, 90% of respondents feel that the government should either increase the section 80C deduction limit or the standard deduction in the upcoming budget.
