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Over 70% industry respondents expect Budget to hike standard deduction limit for salaried people, says KPMG survey – Business News , Firstpost


Of the 250 respondents throughout sectors who participated within the KPMG in India’s pre-finances Survey 2021-22, a small quantity mentioned that they expect a brand new COVID-19 cess in Union Budget 2021

Representational picture. Unsplash@markuswinkler

New Delhi: A overwhelming majority of industry respondents expect that the standard deduction limit for salaried people could possibly be enhanced from the present Rs 50,000 within the Budget subsequent week, a KPMG in India survey mentioned on Wednesday.

A majority of respondents within the survey consider that with the federal government dealing with the prospect of considerably elevated expenditure within the coming 12 months, the income wants could be met by elevated collections fuelled by an financial restoration in addition to by improved know-how-pushed enforcement, fairly than by the introduction of latest taxes. A smaller variety of respondents, nonetheless, expect a brand new COVID-19 cess.

As many as 250 respondents throughout sectors participated within the KPMG in India’s pre-finances Survey 2021-22. Asked what measures the federal government may undertake to present reduction to the salaried class, most respondents (74 %) felt that an enhancement within the standard deduction on wage earnings from the present limit of Rs 50,000 must be thought of.

About 57 % of the respondents felt tax-free allowances/perquisites for salaried people could possibly be given within the Budget, conserving in thoughts earn a living from home association. While 39 % felt a separate deduction for medical bills regarding COVID-19 remedy could possibly be given within the 2021-22 Budget.

As to what the federal government may do extra to assist resolve disputes, a whopping 77 % of respondents felt {that a} mediation scheme must be launched within the Budget to allow negotiated settlements of tax disputes.

Asked if the federal government ought to announce provisions to facilitate a regime for a direct abroad itemizing of Indian corporations, almost 70 % of the respondents had been in favour of such a transfer.

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