Arjuna (Fictional Character): Krishna, everyone around the world is so much excited about the New Year 2023. People have so much expectation from this new year and they have already made their wish list for the whole year. What expectation do you think the Taxpayers might have from the government for the Year 2023?
Krishna (Fictional Character): Arjuna, you rightly said about the excitement of the people for the New Year. The buzz all around for the New Year is unmatchable. The Taxpayers too have a lot of expectation from the government this year for providing them with various benefit under both GST and Income Tax Law.
Arjuna (Fictional Character): Krishna, what are the expectations of the taxpayers regarding GST Law in this New Year?
Krishna (Fictional Character): Arjuna, the taxpayers in this new year want the GST compliances to be simplified in areas where there is complexity.
Some of the major expectations of the taxpayers are as follows:
1. Grant Delay Condonation to taxpayer who have filed appeal after 150 days.
2. GST Tribunal to be established.
3. A provision to revise GSTR 3-B.
4. The GST Department Audits to be conducted faceless manner as under the Income Tax Act.
5. GSTR 9,9C & GSTR 3B to be simplified
Arjuna (Fictional Character): Krishna, what Expectations do the taxpayers have regarding Income Tax Law in this New Year?
Krishna (Fictional Character): Arjuna, the taxpayers are hopeful that the coming Financial Budget will provide them with increased benefits and incentives under Income Tax for the New Year 2023.
Some major expectations of taxpayers from upcoming budget are as under:
1. Raising basic exemption limit from 2,50,000/- to Rs 5,00,000/-
2. Increase in limit under Sec.80C from Rs. 1,50,000/- to Rs. 2,50,000/-
3. Increase in limit of Health Insurance from Rs. 25,000/- to Rs. 1,00,000/-
4. Increase in Home Loan Interest Deduction from Rs.2,00,000/- to Rs. 5,00,000/
5. Reduction in Tax Rate for partnership firms from 30% to bring it at par with company assesees.
6. Bring Simplified Income Tax Returns for FY 22-23.
7. Uniform provision for calculating holding period of capital assets.
Arjuna (Fictional Character): Krishna, what should one learn from this?
Krishna (Fictional Character): Arjuna, every year at the time of new year people make bucket list about the places they want to travel. However, only a few give their time and efforts in preparing Financial Bucket List which is equally important for achieving financial goals. Only those who follow financial discipline are prosperous in real terms, so its equally important to have a Financial Bucket List and to ensure the compliances of law are done at right time.
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