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Budget 2022 Expectations: Key concessions in direct taxes, changes in REITs, InvstITs taxation and more
HDFC Bank in its report titled - Fiscal Balance and Budget Expectations - has listed out some of the key 'asks' from the budget of different stakeholders.
Budget 2022 Expectations: HDFC Bank in its report titled - Fiscal Balance and Budget Expectations - has listed out some of the key 'asks' from the budget of different stakeholders. Talking about Taxes in the Fiscal Balance and Budget Expectations report, HDFC Bank says:-
1- "On the Direct taxes front some key concessions have been sought to promote broader macro goals like employment. For instance there is a proposal to enhance monetary limit for deduction in respect of employment of new employees u/s 80JJAA from Rs. 25,000 per month to Rs. 1 lakh per month."
2- "Changes in REITs and InvstITs taxation specifically with the objective of bringing long term capital gains treatment at par with other asset classes could also find a mention in the budget.
3- "On start-ups there is a demand to level the playing field by extend concessional LTCG rate of 10% concessional rate to resident Investment."
Further, talking about Custom Duty reductions in Fiscal Balance and Budget Expectations report, HDFC Bank says:-
1- "Indian manufacturers have been significantly affected by high input costs that have in part ridden on the commodity price upcycle that has ridden on the back of supply shortages and high global liquidity."
2 - "To counter this, industry has asked for customs duty reductions in a number of imported inputs particularly primary intermediates. This includes coking coal, ethanol, metallurgical coke and copper scrap, Duty reductions have also been sought in some specialized technology areas such as telecommunication network areas and optical fibres where current duties are high."
3- "Hospitality sector: Custom duty relief for supplies and equipment used in covid-affected hospitality sector. Rationalize custom duties on procurements by the hotel industry."
"Broadly, the demand is for evolving a simplified customs structure with a single rate of all intermediates and higher rates forthose that are carefully identified as final goods," the bank said in its Fiscal Balance and Budget Expectations report.
-The Union Budget 2022-23 is likely to be tabled on February 1, 2022 by Union Finance Minister Nirmala Sitharaman.
-This is the 4th Budget of the PM Narendra Modi-led NDA government in its second tenure.
-The Budget 2022 will be presented around 11 am on 1st February 2022.
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