The Union Budget for 2022-23 is ready to take the stage. And it is one of the most anticipated statements that the government states every year. The document is known as the ‘Annual Financial Statement’ in further technical terms.
According to Article 112 of the Indian Constitution, it is a statement of the evaluated receipts and expenses of the Government of India for that specific year. According to government officials, the forthcoming Union Budget 2022-23 is unlikely to bear any tweaks to the current income tax rates.
Earlier this Budget, the CPAI (Commodity Participants Association of India) stated that the government must forsake the Commodity Transaction Tax to improve trading volumes. In the Budget proposal to the Finance Ministry, the Commodity Participants Association of India has requested the government to look at the Commodity Transaction Tax (CTT) as it has generated little revenue and waived national market volumes by 60 per cent. In addition to this, the Commodity Transaction Tax has encouraged liquidity, jobs, and volumes to shift outside India.
Financial Advisers shall check and limit the timing of the receipts of Dividends and other assorted NTRs (Non-Tax receipts) of their respective departments or ministries. The dividend remunerations and buyback consid~rations would be focused on the FY (financial year). The FAs should also regulate the regular realization of the next NTR and submit the collected information of other NTR via an online portal, ‘Bharat Kosh’, introduced by CGA.
The current thought process of the budget makers and the government is driven by the ongoing uncertainties around Covid-19 and its effect on the savings and the household income; thus, any change in income tax slabs or tax rates can be counter-productive. “If the current rates are altered, a few sections of taxpayers may benefit, and others might experience a rise in their income tax liabilities. The government will also have to make sure that there is minimum revenue foregone.
Updates For Union Budget 2022-23
| Union Budget of India |
