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Will fiscal discipline violate populist demands?
_1612090528832_1612090537096.jpg "Will fiscal discipline violate populist demands?")
Many of them are advertising the Union Budget, 2021 as an essential that will hold the key to some of the problems currently facing the Indian economy. But a more distinctive perspective of current economic states suggests that the government is more likely to adopt a balanced approach that marries fiscal discipline with some measures to increase consumption. In fact, you should not be surprised if the government leans in favor of fiscal discipline as this has been an equally difficult year for the government.
aam admi expects personal income tax front taxes to increase liquidity. To this end, although there may be no further changes to tax plates, measures such as the increased 80C deduction threshold, investments in national 80CCD pension schemes and 80D health insurance premiums may encourage savings and wider insurance protection. With increasing treatment costs, increased discounts for preventive health checks, tests and treatment by a poor INR 5000 should also be considered. Additional relief in the form of special discounts on COVID-related health expenses would also be a welcome step. Employers and employees expect tax-exempt conditions to cover additional costs related to work from home, vaccinating employees and their families, and so on.
Further, reducing the TDS rates by 25% was a good move to increase liquidity in the hands of individuals and small businesses and should continue for at least another fiscal year.
Industry, especially SMEs have borne the brunt of the economic slowdown due to blockades across the country with many small businesses finding it difficult to survive. In this regard, allowing losses to be reimbursed for an additional period beyond 8 years can help revive businesses. The Indian start-up has been a harbinger of innovation and boosted employment, raising the INR IN 100 threshold for claiming tax benefits and easing the controversial angel tax provisions could help raise funds from resident investors and boost growth.
While early budgets have seen an overall reduction are sectoral reforms, this budget may see a return to weighted discounts, especially in the pharmaceutical and healthcare sectors, which has become increasingly important for R&D and capacity building. to fight the current pandemic and prepare for dealing with future outbreaks. Tax deductions for capital expenditures made towards infrastructure and supply chain development for the storage, distribution and application of vaccines and other essential medical products will be welcome. The current deduction for capital expenditures made for the construction and operation of a hospital with at least 100 beds should be allowed even in smaller premises, to help build medical infrastructure.
To address the rising unemployment rate due to job losses during the economic downturn, the Government may consider increasing the current deductions for the employment of new employees under Article 80JJA from 30% to 50% along with raising the employment threshold. the total payments of such additional employees. Further, special deductions for expenses incurred towards training and hiring skilled healthcare professionals would be a welcome step.
Amit Singhania, Partner and Suyash Sinha, Senior Associate, Shardul Amarchand Mangaldas & Co.
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