Budget 2022 podcast: Did you invest in ELSS and mutual funds, but couldn’t maximize the tax savings? In this episode, CNBCTV18.com’s Kanishka Sarkar speaks with Preeti Khurana, Advocacy and Regulatory Director, Clear, for her suggestions to Finance Minister Nirmala Sitharaman for people to get more tax benefits this fiscal year. To agree!
Ahead of the 2022 budget, the Ministry of Finance said in December 2021 that the net collection of direct taxes last year hit 9.45 trillion rupees, growing 60.8% from the period of the last year.
In this edition of the Budget 2022 podcast, CNBCTV18.com’s Kanishka Sarkar talks with Preeti Khurana, Director of Advocacy and Regulatory, Clear (formerly ClearTax), to find out what people want in order to ensure their power consumption is maximized in fiscal 2022 -23.
Khurana opines that given a good year in terms of net direct tax collection, combined with the phenomenal number of tax returns (ITRs) filed, it is only fair that people expect a reduction taxes.
Clear CA says government needs to consider raising Section 80C limit or offering a separate discount for equity-linked investments like ELSS and mutual funds to allow people to reduce their income taxable.
Additionally, given the high rate of Goods and Services Tax (GST) on automobiles, Khurana suggests FM Sitharaman consider reducing tax rates or granting exemptions to electric vehicle buyers for encourage them to make a purchase.
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