“I would want to take a moment to thank all of our nation’s economic taxpayers who have contributed enormously and reinforced the government’s hands in assisting their fellow citizens in this hour of need Union Budget 2022-23 ,” FM Nirmala Sitharaman said as she began the direct-tax portion of her Budget address.
Aside from the token, there isn’t much in the Union Budget 2022-23 to be thankful about. Taking a glass-half-full perspective, there are no new taxes. However, there remains the promise of ‘Updated Returns’ in the event that individuals discover they owe the government more than stated on their Income Tax Return for a given year.
If a person makes an error in calculating the amount of tax payable, he or she can file an ‘Updated Returns’ form.
The Finance Bill contains the full text of the proposal. “It is a positive step toward voluntary tax compliance,” the FM stated.
With an increase in direct tax receipts,
the average citizen expected a raise in the basic exemption limit, an increase in the standard deduction for the salaried class, or perhaps a minor increase in the exemption limit.
“The budget may not have anything to offer in terms of personal taxation.” Persons who have received money for Covid 19 therapy expenditures, on the other hand, have gotten relief. Similarly, money received by family members upon a person’s death will be free up to Rs 10 lakhs for family members,” said tax and investment expert Balwant Jain.
Money obtained by a person for Covid treatment expenditures or money received as death compensation (up to Rs 10 lakh and received within 12 months) is totally free from tax. As of April 1, 2020. Covid-19-related healthcare expenses, whether compensated by the company or treated in an employer-maintained hospital, are not to be regarded a precondition for the employee.
However, there is also the promise of increased central government capital investment
400 new Vande Bharat trains, 5G spectrum auctions in 2023, e-passports with “futuristic technology,” and 75 digital banking units of scheduled commercial banks, all of which would eventually help the common man. The Union Budget for 2O22 promises economic growth, as well as infrastructural and urban development improvements, as well as increased demand in tier-2 and tier-3 cities. The budget had a few positives for the start-up sector of the economy, including an extension of the tax incentive programme for start-ups for another year, which is a good gesture.
As corporations explore other solutions to save expenses and capital investment, the post-lockdown environment is bringing in a slew of new prospects for coworking players. In the midst of this new normal, the flexible co-working sector has become more important than ever for businesses to meet their organisational needs. As the pandemic has altered the dynamics of company models, the need to shift away from long-term office spaces and toward more flexible working environments is clear.
However, there were no explicit measures in the budget for the coworking sector to support its faster development trajectory, such as lower TDS, special tax incentives, and so on, to enable us to deliver real estate solutions at even more affordable rates.
Union budget 2022-23