Will the upcoming Union Budget 2022 bring any tweaks to the existing income tax rates? Taxpayers are expecting some rebate or relief from Finance Minister Nirmala Sitharaman. Last year the government had announced multiple stimulus packages to rejuvenate the economy impacted by the coronavirus pandemic. Finance Minister Nirmala Sitharaman will most likely present her fourth Budget on February 1 this year.
“Taxpayers are expecting some rebate or relief from the Finance Minister in the upcoming union budget as the slabs have not been rejigged for a few years for now. This will eventually lead to more liquidity in the hands of the buyers.Nothing could be better if the government slash the tax rates for both buyers and sellers as it will rejuvenate the market as the demand for housing and high-end products is poised to rise. However, the expected rate hikes from the RBI could be a major concern to watch out for as it may push out the liquidity from the economy at a fast pace,” says Raghunandan Saraf, Founder & CEO, Saraf Furniture.
“With the Government’s strong focus on big bang reforms to strengthen the economy and promoting entrepreneurship through ‘Make in India’ and PLI schemes is a big plus and expectations are high. We believe that this government should boost the direct disposable income to boost the expenditure and consumption,” he added.
In the current situation, the Finance Minister can make important announcements in the budget aimed at accelerating economic reforms, promoting entrepreneurship, and providing relief to taxpayers.
“It is expected that, in this budget 2022, the government can decide the extent to which taxpayers will get tax exemption or what changes will be made in the tax structure for the next financial year. Announcements can be also made in the budget concerning education and further strengthening of the infrastructure of the country. This budget will also show whether the government increases or decreases excise duty, customs duty, import duty, cess on anything,” says Amit Gupta, MD, SAG Infotech.
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