The final Budget date of 2022 has been released, The finance minister Nirmala Sitaraman on February 1 at 11 am will release the Union Budget 2022. The first part of budget 2022 will start from January 31 and will continue till 11 February.
While there are many expectations from many industries in the Union Budget 2022, the Banking sector also proposed their expectations for this year's union budget. The banking sector is the backbone of any country's economy and looking after their proposals should be the main aim of the government and these last two years have been the worst years for many industries including banks, so the banks also proposed their several expectations to the Union Budget 2022. The e-banking industry is looking forward to some positive amendments under the income-tax provisions, that are,
1. Reduction in headline corporate tax rate for foreign companies.2. Conversion of foreign bank branch into a wholly-owned subsidiary (WOS).3. Relaxation of tax deducted at source (TDS)/tax collected at source (TCS) provisions. 4. Rationalization of provision for bad and doubtful debts.5. Deduction of head office (HO) expenses.6. Interest in non-performing assets (NPA).
Meanwhile, it is also said that the Finance minister will especially look after work from home employees and give special benefits to them, she will also not disappoint the tax givers this year.