Grant Thornton Bharat recently conducted a survey to gauge expectations from the Union Budget 2023. The survey report captures the hopes and aspirations of corporate India, individual taxpayers and industry experts. The survey results indicate a positive outlook for the Indian economy in the upcoming Budget 2023, as 73% of respondents express optimism for continued economic growth despite global economic challenges.
The respondents' opinion is that the personal taxation regime requires reforms. A whopping 78% of the respondents anticipate an increase in the basic exemption limit from the existing INR 2 lakh. The survey also asked respondents how the government could tweak tax measures to meet various objectives such as "Housing for All". The most common answer (55% of respondents) was for the government to increase the limit for interest deduction and introduce a separate section to claim a deduction for the principal repayment of housing loans.
The report details the changes the government could consider for simplification and rationalisation of our complex tax regime to further ease doing of business and make India an attractive business destination.
Read the full report to explore the findings in depth.