as the countdown to budget 2022 begins, we speed to a direct tax expert to decode really what individuals in Corporates are seeking from this budget. We are joined by Himanshu Carrick, partner Taxi, KPMG India. Could you take a sue? The immediate concerns that budget 2022 must address four start with the key budget expectations. As far as individuals are concerned, if we look at the music exemptions left for individuals, you know there is 2.5 lakhs. Since the last several years, look at the limit of Section 80 see deduction that has remained untouched at 1.5 levs against since last several years. Similarly, the direction of interest of housing loan status Tab Holland at the figure of two locks Since last seven years. This win almost several Indian eight years that all the limits have remained untouched. Now, considering the inflation that we witness over the last 7 to 80 the need for the hour is to tweet the limits and harvest limits, taking into account of inflation factor. So that's point no more. As far as the celery class Miss Council. As always, they have an expectation for increasing the standard election which is currently and 50,000. So they asked from salaried employees to increase the limit of standard direction. One major ask of several taxpayers owing to the going medical expenditure on treatment of patients from Kuwait. And one of the major asked to the finance minister is that attached eruption should be allowed. We have expenditure income for from several taxed made individuals made Corporates. Every money is regarding the nationalisation of the capital gains tax energy. All right and what, to your mind are the three focus areas for the corporate world. In a first and foremost, the government made a big bank and a very vehicle announcement about two years back of reducing the corporate tax rate for newly set up manufacturing companies, 15% provided that commenced their manufacturing activity. Letters by 31st March 2020 Now going to the point pandemic, the manufacturing setting up plants for several companies have warned on and they're not target indoors of setting up the manufacturing activity leaders by 31 2020 hinder. For there has been a long representations which have been made to the government before this deadline of March 2023 by at least two years, if not more so. That is one major ask of India, The sudden asked, is in the context of assistance or special economic zones. We all know scissors health have helped India in a significant way in scaling about exports and learning valuable foreign exchange. As for his unison, s sisters are concerned there can tighter tax holiday under section in the belly of the income tax wherever they are able to export any goods or services from the assistant. The one of the key conditions is that the work has to be performed and employees in the SS and to be entitled to this tax holiday. However, we have seen hybrid work models. He was over the last two years, wherein employees have now been working, sued is in the office and few days at home and other need for the government to come up with some clarity on this front with a view not to deny the tax holiday to taxpayers just because employees may have ended up working from home for into the whole institution so that clarity should come off in the budget. The third point that I would like to talk about is in the contest of the widespread litigation that we have in India today. We have locks of cases pending in litigation across appellate author days and court. And there is a lying need for crying need for the government to come up with some kind of permanent alternate dispute resolution scheme. A couple of years back, the government had cover picked Virat service for scheme, which was extremely successfully, and it helped called litigation, which is a reason in the past take care of litigation, which could potentially arriving the future. The need of the eyes for the government to come up with some kind of a mediation scheme allowing for a negotiated settlement of disputes between the taxpayers and the State Department so that widespread litigation does not arise as it is in there are the need of the nitpick self and not left litigation. All right, thank you for your time. And thank you for this interaction
