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One of the most welcomed amendments in this Budget pertains to rationalisation of dividend taxation provisions, which faced teething issues when the government abolished dividend distribution tax and shifted to the classical dividend taxation regime last year.
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Currently, withdrawal from overseas retirement funds by residents is taxable on a receipt basis in such foreign countries and on accrual basis in India, resulting in timing mismatch. A new Section 89A is proposed to be introduced to address this concern.
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The acceptance of higher deficit and restoring systems to normal is the first step to any economic recovery.
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Budget 2021 was touted to be a once-in-a-century budget. Unfortunately, and no matter what anyone says, this budget does not rise to the occasion.
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The Finance Minister has let the personal income tax regime remain as is it. She has chosen stability in the tax regime over repeated tinkering with the tax structure.
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With an aim to address the need of affordable housing for migrant workers, the finance minister announced tax exemption for notified affordable rental housing projects.
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Investments in infrastructure can boost GDP by at least 1-2% every year, besides creating jobs. Both public and private investments and different PPP models must be explored.
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The Budget must recognise the synergy between online and blended learning.
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The budget must address the distinct economic role played by women and play the role of a facilitator in increasing their share in the workforce by bringing back those who have left.
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At present, 60% commutation is allowed under pension plans. However, if an individual does not commute, any amount and opts for 100% annuity, the pension received is fully taxable. The Budget should remove this anomaly.
