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Realigning income-tax Slabs, TDS relaxation: KPMG sets expectations ahead of Budget 2022

The accounting firm also expects the inclusion of petroleum good in the GST regime

January 27, 2022 / 04:42 PM IST

Realignment of income tax slabs for individuals, facilitation of overseas listing for companies, and rationalisation of TDS/TCS provisions are among the expectations from the upcoming Union Budget listed by KPMG, one of the Big Four accounting organisations.

The firm said clarity is needed on the non-taxability of Covid vaccination, medical supplies and benefits extended by employers to employees and their families. KPMG highlighted that since substantial costs are involved in Covid treatments, there should be a provision of separate deductions for such costs incurred by taxpayers for themselves and their families.

It said the government should allow depreciation on goodwill arising from taxable transactions.

There is a need for a regulatory framework to facilitate the listing of Indian entities abroad via the direct or the special purpose acquisition company (SPAC) route as well as tax exemptions for such overseas listings. In view of the increase in cross-border mergers, tax neutrality should be extended to outbound mergers involving Indian entities.