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Economic slowdown has made us way more intrigued about upcoming budget. Tax reforms is big of a deal considering the expectations for reduction in tax rates. In order to give impetus to consumption and get the nation out of this slowdown, budget plays a significant role.
One major expected amendment is switching the financial year (April to March) to Calendar year. Recommendations given by the committee formed to formulate a new tax law might be incorporated in this budget.
This switching to calendar year would prove advantageous for the taxpayers having overseas income as the computations would become less cumbersome. This would also facilitate recovery of tax in cases involving foreign assets.
The infra companies are eagerly waiting for the Central Government to provide them with finance to spur demand and hence consumption.
Giving exemptions to renewable energy projects will motivate cement and other industries to move towards environment friendly ways of doing business.
After a major corporate tax cut last year, salaried class has high hopes from government. In the interim budget last year, standard deduction of Rs 40000 was provided to salaried class. With GST rate cuts every now and then plus economic slowdown, will this upcoming budget be able to fulfill all hopes ?
Let’s wait and watch !