Budget expectations 2022

Personal Tax

Current environment

  • With the Indian economy looking forward to recovering from the pandemic, the coming year is expected to bring back stability for which, the budget is considered to be a key growth driver
  • Expecting the economy to rebound sharply and continue on a speedy recovery will require major reforms in the economy
  • The government, in its journey to enhance the ease of doing business, had taken up the task to consolidate various labour regulations. Twenty-nine labour-related regulations have been consolidated into four labour codes, viz., the code on wages, the code on social security, the code on industrial relations, and the code on occupational safety, health, and working conditions.
  • Consolidation of various central labour regulations will aid in ensuring that the following objectives are met -

- Realignment to reflect current business requirements and technology  changes being adopted;

- Minimisation of litigation; and

- Simplification of varied statutes prevalent today to help companies comply better and enable its enforcement in a more simplified and transparent manner

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