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Like every year, the Union Budget is set to come up on 1st February, 2022 for the financial year of 2022-23. All the concerned people are eagerly waiting for the reforms for the upcoming financial year. While the last year’s budget centred on the theme of infrastructure development in the rural sector and healthcare sector and primarily focussed on the stimulus packages, this financial year the expectations from the Budget of 2022-23 revolve around the economic recovery, ease in compliances and relief measures to the common man.
Following are the industry-wise expectations from the Budget of 2022-23.
Real Estate Sector
Real Estate sector has been seeing signs of revival of the sector with the sales in the units reaching pre-Covid levels. While, the sector is bouncing back, it requires handholding from the government’s end in the following manner to see the revival of the sector and the demand reaching at great levels. The real estate sector has few recommendations for the government to be able to give a fillip to the demand in the real estate sector.
Crypto currency
Corporate sector
Tax deductions for COVID patients
Tax deducted outside India must be treated as income of the assessee
Exemption must be allowed for purchasing an agricultural land before making the sale of agricultural land
Clarity with respect to taxability of Joint Development Agreements
Approach in the computation of ‘Month’
Extension of benefits of payment of Advance Tax in single instalments in case of presumptive schemes opted under section 44AE
Stoppage on denial of full tax exemption to the trusts for violation of s. 13
Read our Article:Crucial Financial Changes to kick in from 1 Jan 2022
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