Daily Expert News
No Result
View All Result
Sunday, June 26, 2022
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Daily Expert News
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
No Result
View All Result
Daily Expert News
No Result
View All Result
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Home Uncategorized

Budget 2022: Aid to taxpayers tops wish list in Grant Thornton Bharat survey

by Nick Erickson
January 28, 2022
in Uncategorized
128 5
0
NDTV News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


ADVERTISEMENT

The ongoing pandemic poses many challenges to various stakeholders in the economy.

The 2022 Union budget is fast approaching and as every year, India Inc and individuals are looking forward to the announcements in the budget, especially in the tax area. To gauge market sentiment and better understand this year’s budget expectations, Grant Thornton Bharat conducted a pre-budget survey.

The survey results indicate high optimism regarding the resilience of the economy. 81% of respondents expect that the third wave of the pandemic will not cause major disruptions and that the economy will continue to grow in 2022. The research also shows that rationalizing corporate tax compliance and certain tax credits for individual taxpayers are the main questions for taxpayers in the coming budget.

A majority of respondents believe that personal income tax needs some reform in the coming budget. 57% of respondents chose personal taxation as the main area for reform, followed by customs and GST, which were 25%. Households hit by the pandemic are expecting a number of measures that would hold more cash to spark some cheer amid all the gloom.

69% of respondents expect the government to increase the basic exemption limit for individual taxpayers from the existing Rs 2.5 lakh. Furthermore, 90% of respondents believe that the government should increase the deduction limit of Section 80C or the standard deduction in the coming budget.

Companies expect rationalization of corporate tax compliance to boost ease of doing business. This is also apparent from the research results. 39% of respondents consider an overall reduction in corporate tax compliance obligations to be the most important area requiring immediate attention from a corporate tax perspective.

ne7fpjh

Furthermore, companies currently spend a lot of time and effort meeting their TDS/TCS compliance obligations, which can also be heavy at times. It is time to rethink the TDS/TCS regime in India and make the necessary changes to ensure that while protecting the interests of revenues, the burden on taxpayers is also reduced. The research result also reinforces this feeling. The majority of respondents believe that the government should comprehensively address the challenges faced by a taxpayer to rationalize and simplify the TDS/TCS scheme.

76% of respondents want the government to announce a new dispute settlement scheme to resolve pending indirect tax disputes. Given the success of the Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019, it would be very helpful if the government comes up with an amnesty scheme for legacy indirect tax laws. Such an arrangement is beneficial to both the government and the taxpayer.

With regard to corporate tax, 28% of respondents believe that the reduced corporate tax rate of 15% should be extended to all sectors (including the service sector) and linked to new investment rather than to a new entity. Reducing the rate for all sectors will not only encourage further investment, but would also lead to job creation.

The ongoing pandemic poses many challenges to various stakeholders in the economy. So this year’s budget will become a tightrope for the government to manage the diverging expectations. It is best to stay focused on long-term economic growth with some short-term interventions for a few sectors.
Despite the economic pressures, no new taxes or surcharges should be introduced. Emphasis should be placed on rationalizing compliance, making alternative dispute resolution mechanisms functional and results-oriented, and accelerating the implementation of previous announcements across various initiatives.

More than 5,000 respondents participated in the survey via digital platforms.

(Disclaimer: These are the personal opinions of the author.)

ADVERTISEMENT
ADVERTISEMENT
Tags: aidBharatbudgetDailyExpertNewsGrantlistsurveyTaxpayersThorntontops

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Related Posts

Young Jugraj Singh beats hat-trick as India beats South Africa 10-2 in FIH Pro League Hockey | Hockey News
Uncategorized

Harmanpreet Singh scores four goals in India’s 10-2 smashing of South Africa in FIH Pro League Hockey | Hockey News

February 13, 2022
Review: An audition season begins at the Philharmonic
Uncategorized

Review: An audition season begins at the Philharmonic

February 13, 2022
Good way to good taste
Uncategorized

Good way to good taste

February 13, 2022
Good way to good taste
Uncategorized

Good way to good taste

February 13, 2022
What to cook this week
Uncategorized

What to cook this week

February 13, 2022
Sigal Barsade, 56, dies; Argued it's okay to show emotions at work
Uncategorized

Sigal Barsade, 56, dies; Argued it’s okay to show emotions at work

February 13, 2022
  • Trending
  • Comments
  • Latest
This optical illusion has a revelation about your brain and eyes

This optical illusion has a revelation about your brain and eyes

June 6, 2022
NDTV Coronavirus

Viral video: Chinese woman pinned down, Covid test carried out by force

May 5, 2022
Hundreds In Sarees At UK

Hundreds of sarees at Britain’s Royal Ascot Horse Race to help Indian weavers

June 16, 2022
Sabrina's parents love her. But the meltdowns are too many.

Sabrina’s parents love her. But the meltdowns are too many.

June 1, 2022

Hello world!

0
NDTV News

IT startup Fareye aims to change Unicorn within a year, founder says

0
How did Stephanie Murphy, a holdout on Biden's agenda, help save it?

How did Stephanie Murphy, a holdout on Biden’s agenda, help save it?

0
How did Stephanie Murphy, a holdout on Biden's agenda, help save it?

How did Stephanie Murphy, a holdout on Biden’s agenda, help save it?

0
"Deserves to get close": Sanjay Manjrekar on Ranji Trophy Star's chances on test call | Cricket News

“Deserves to get close”: Sanjay Manjrekar on Ranji Trophy Star’s chances on test call | Cricket News

June 26, 2022
Russia to supply nuclear missiles to Belarus

Russia to supply nuclear missiles to Belarus

June 26, 2022
"You take the name of the Sachin pilot...": Ashok Gehlot lashes out at Union minister

“You take the name of the Sachin pilot…”: Ashok Gehlot lashes out at Union minister

June 26, 2022
UGC NET 2022 From July 8, NTA will announce the schedule

UGC NET 2022 From July 8, NTA will announce the schedule

June 26, 2022
ADVERTISEMENT

Recent News

"Deserves to get close": Sanjay Manjrekar on Ranji Trophy Star's chances on test call | Cricket News

“Deserves to get close”: Sanjay Manjrekar on Ranji Trophy Star’s chances on test call | Cricket News

June 26, 2022
Russia to supply nuclear missiles to Belarus

Russia to supply nuclear missiles to Belarus

June 26, 2022

Categories

  • Africa
  • Americas
  • art-design
  • Arts
  • Asia Pacific
  • Astrology News
  • books
  • Books News
  • Business
  • Cricket
  • Cryptocurrency
  • Dance
  • Dining and Wine
  • Economy
  • Education & Career
  • Europe
  • Fashion
  • Food
  • Football
  • Gadget
  • Gaming
  • Golf
  • Health
  • Hot News
  • India
  • Indians Abroad
  • Lifestyle
  • Markets
  • Middle East
  • Most Shared
  • Motorsport
  • Movie
  • Music
  • New York
  • Opinion
  • Politics
  • press release
  • Real Estate
  • Review
  • Science & Space
  • Sports
  • Sunday Book Review
  • Tax News
  • Technology
  • Television
  • Tennis
  • Theater
  • Top Movie Reviews
  • Top Stories
  • Travel
  • Uncategorized
  • Web Series
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links

We bring you the Breaking News,Latest Stories,World News, Business News, Political News, Technology News, Science News, Entertainment News, Sports News, Opinion News and much more from all over the world

©Copyright DailyExpertNews 2022

No Result
View All Result
  • Contact Us
  • Home
  • Top Stories
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • India
  • Education & Career
  • Arts
  • Advertisement
  • Tax News
  • Markets

©Copyright DailyExpertNews 2022

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.