Five reforms from the Budget that can help taxpayers

The countdown for the Union budget has begun. With the lives of people from different sectors and populations completely affected by two year long Covid-19 pandemic, the country has a plethora of expectations from this year’s budget. The Finance Minister of India will present the Union Budget for the FY 22-23 in Parliament on Tuesday, February 1 in a paperless format like last year.

A segment that is always looked at with great anticipation is what taxpayers can expect.

According to the Finance ministry, the union budget 2022-23 will be available on the mobile app after it is presented in parliament. The app will provide easy and quick access to union budget information to all stakeholders. It is a bilingual app and is available on both Android and iOS platforms.

Ahead of the upcoming budget, the expectations are high from all stakeholders given the hardship people have been facing since the beginning of Covid-19 pandemic. Whereas, the two key demands by the common man with regard to tax administrative changes are ease in the filing of IT returns as well as strengthening the online grievance redressal mechanism for taxpayers.

Here are the five reforms that should be brought in by the finance minister in the Union budget 2022-23 to make it easier for taxpayers in the nation. Single/hybrid tax scheme, Efficient ITAT, Simplify Online ITR forms, Integration of savings A/C, Inflation-indexed basic exemption limit.