Soon after Nirmala Sitharaman’s speech in the Lok Sabha came to an end, Twitter users put their humour to work and shared some absolutely rib-tickling memes to describe exactly how they look at the Budget announcements. From “Doesn’t make a difference” to “Please keep it short”, here is how the Internet reacted to the Budget 2022-23:
Here’s how Internet reacted to Budget 2022-23 announcements
For the unversed, Sitharaman said that under the newly announced provision on IT return payments, taxpayers can file an updated ITR to provide a voluntary opportunity to correct errors in the payment of tax within two years from end of the relevant assessment year. “To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year,” she said.
Sitharaman also stated that the tax deduction limit shall be increased by 4 per cent from 10 per cent to 14 per cent for central and state government employees. She said that this will help the state government employees in getting social security benefits and being at par with Central government employees.
Experts, on the other hand, believe that both these announcements are a sigh of relief for the taxpayer community. “We have deeply realised the benefit of the latest provisions for the taxpayer community. One better scheme is for the tax deduction limit which is now hiked to 14 percent on the employer’s contribution to the NPS account of the state government employees,” said SAG Infotech MD Amit Gupta.
Gupta further added, “And the updated return filing provision is much better than the previous with the time bracket of 2 years at maximum to the end of the assessment year. To add a delight, the tax benefits to the startups have been offered redemption of taxes to the 3 consecutive years is now extended to a one more year.”
"Giving taxpayers an opportunity to file an updated tax return to report any income that was erroneously missed out or to correct errors is a much-awaited tax reform. Hitherto, if a taxpayer missed the due date to file a revised return, there was no mechanism in law to self-report any income that was not offered to tax. This left the taxpayer vulnerable to litigation, interest and penalties even when there was an intent to disclose income. This reform should go a long way in reducing tax disputes and building trust between the taxpayer and the Government," Gouri Puri, Partner at Shardul Amarchand Mangaldas, said.
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