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Union Budget 2022-23: Phasing out of some tax exemptions likely

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January 20, 2022
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A gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23.

A top policymaker told Business Standard that according to the government’s internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of …