MANGALURU: Though general elections are far away the salaried class expected more from the Union Budget due to the corona crisis, but has been disappointed as no relief came through direct taxes.Whereas the industry has some points to cheer about in the Union Budget 2022-23 .
While the chamber in Mangaluru welcomed the E-passport and Unified Logistics Interface, Digital University and PM E-Vidya, as also various business friendly steps including extension of Emergency Credit Line Guarantee Scheme, Battery Swapping Policy.“However there are no specific schemes to revive the sector from the post pandemic situation.MSME’s needs to be revived immediately,’’ said KCCI President Shashidhar Pai Maroor .
Chartered Accountant CA Nitin J Shetty says though a few courts had concluded that Crypto currency is legal, now the Government has found a way to dissuade the general public from investing in Crypto currency.“We have to appreciate that the Government has indirectly legalised Crypto by taxing the profits at 30 % and also not allowing any deductions apart from the cost.Losses from other business cannot be set off against this Income.Even a gift of Crypto will be taxable in the hands of the recipient at 30%,’’ he said.
He appreciated another provision that gave an opportunity to an assessee to voluntarily file a New Updated Return within a period of two years from the end of the Assessment Year if he/she has missed out on declaring certain incomes.“This would enable taxpayers to avoid huge penalties that could be levied by the IT department in case of evasion,’’ he added.
Chartered Accountant Naveen Narayan has a different take on the budget.
“Though the overall budget looks good from markets perspective, the government could have given further boost to the housing sector by increasing tax benefit measures,’’ he said.
Aditya Mohan Jadhav, Professor of Finance, Area Chair – Accounting, Economics and Finance, T A Pai Management Institute (TAPMI), says the initiatives for the higher education sector, especially setting up of the digital university and allowing World-Class Universities to offer programmes in the GIFT City are welcome.“We hope that these initiatives are harbingers of the education sector opening up to world-class universities,’’ he noted but rued that tax concessions for the salaried class, which has suffered through pandemics, were absent.
The Canara Plastic Manufacturers Association (CPMTA) pointed out though the Finance Minister has announced that the Emergency Credit Line has been extended till March 2023 for the MSME sector, there is also an announcement of Rs 6,000-crore programme to rate Micro, Small & Medium Enterprises (MSMEs) will be rolled out over the next five years .“However there is no specific schemes to revive the sector from post pandemic situation,’’ said B A Nazeer, president of the Association adding MSME’s needs to be revived immediately.
Rateesh Suvarna, salaried employee working in a private firm, said he expected a lot of sops for the middle class as they were hit hard by the pandemic.”It is least to say that we’re very disappointed with the budget,’’ he remarked.
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