Taxmann’s Budget Expectations viz-a-viz the Finance Bill, 2022

Editorial Team

In the Pre-Budget expectations for the Union Budget 2022, we expected and recommended 35 substantive and procedural changes in the Income-tax Act. Our recommendation to introduce a regressive tax regime for cryptocurrencies has been adopted in the Finance Bill, 2022. It is commendable that the Finance Minister is listening to taxpayers’ feedback and suggestions to end the frivolous litigations and ensure certainty in taxation laws.
Our budget expectations were not just a wish list. We first identified the gaps based on the court rulings, changes in circumstances, or difficulties faced by the taxpayers before preparing the list of our expectations and recommendations.

This write-up compares the changes suggested by us viz-a-viz the changes proposed in the Finance Bill, 2022 in the Income-tax Act, 1961.

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