Taxpayers expect a helping hand in the upcoming Budget
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Budget 2021
Pandemic-hit businesses and individual taxpayers are expecting a helping hand in the upcoming Budget. While a reduction in tax is high up on the list of demands, experts have also suggested reform measures that would reduce the compliance burden. Here are 10 steps they would like to see…
2/11
No new taxes
New tax or cess will hurt overall sentiment
3/11
Tax incentives to boost consumption/jobs
- Tax relief linked with purchases to lift demand
- Incentives for providing jobs
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4/11
For Make in India
- Expenditure-linked exemptions for India made products
- Clarity on lower tax regime
5/11
Simplify compliances
- Lower compliance burden
- Simplify provisions for tax deducted at source/ tax collected at source
6/11
Easier tax regime for foreign investors
More conducive investment rules for SWFs, AIFs Clarity on FDI for ecommerce
7/11
Simplify dispute settlement
- Provide a framework for mediation
- Strengthen AARs, Mutual Assessment Procedure framework
8/11
Boost for R&D
- Additional sops for R&D
- Sops for creation of Intellectual Property Rights
9/11
Incentivise startups
- Stock option regime for all registered startups
- Allow capital gains tax relief for startup investments
10/11
Simplify tax regime for indiviudals
- Reintroduce single tax scheme instead of optional
- Restructure tax regime in line with WFH practice
11/11
Tax relief for individuals
- Individual incomes have shrunk
- Relief needed Relief on PIT will aid consumption