More than 3000 suggestions have come in from citizens for the upcoming Union Budget 2022-23, data from the MyGov website has shown. The Ministry of Finance had invited public suggestions from December 26 until January 7 on the official online portal.
Here are the top suggestions/demands made by citizens
Citizens have demanded that the exemption limit under the Income Tax Act for salaried people must be increased and an exemption from long-term capital gains taxes must be provided.
Citizens suggested that Provident Fund and Voluntary Provident Fund investments must be encouraged, and should be exempted from tax.
People have demanded a reduction in taxes on petrol & diesel by the Finance Ministry and want more spending on the sanitation and health by the government.
People have also requested making education accessible for all by removing education cess and also supporting jobs in small businesses, like the tourism sector.
Senior citizens requested the Finance Ministry for an increase in 80 TTB Income tax Exemption.
Many people have also requested the Ministry to legalise cryptocurrencies and digital currency.
The Department of Economic Affairs, Ministry of Finance, last year had invited ideas and suggestions for the Union Budget 2022-2023 on its official website, MyGov.
“The Ministry looks forward to your ideas and suggestions for the Union Budget 2022-2023, Please share your ideas and suggestions that can help transform India into a global economic powerhouse with inclusive growth,” the ministry had stated.
According to Aravind Srivatsan, tax leader & partner, Nangia Andersen LLP, the upcoming Budget may consider imposing TDS/TCS on the sale and purchase of cryptocurrencies above a certain limit and such dealings should be brought under the purview of specified transaction for the purpose of reporting to income tax authorities.
With inputs from Karishma Asoodani
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