The final Budget date of 2022 has been released, The finance minister Nirmala Sitaraman on February 1 at 11 am will release the Union Budget 2022. The first part of budget 2022 will start from January 31 and will continue till 11 February.
The last year's budget was based on health and rural infrastructure development but this year it is assumed that the budget will be more toward the economy of the country as the coronavirus surge. It is also said that the Finance minister will especially look after work from home employees and give special benefits to them, she will also not disappoint the tax givers this year.
Many industries and startups' mentors are keeping their thoughts and suggestions forwards ahead of Union Budget 2022, PGIM India Mutual Fund Chief Executive Officer Ajit Menon has also requested the government to ease the tax treatment for retirement benefits or pension schemes offered by mutual funds, “Long-term products like mutual funds in the retirement category can be a catalyst in channelizing household savings into securities market and bring greater depth to the markets,” says Menon.
"Such depth brought by the domestic institutions would help in balancing the volatility in the markets and would reduce reliance on Foreign Portfolio Investments," he added. Menon said the government should look at allowing mutual funds to launch ‘Mutual Fund Linked Retirement Plan which would eligible for tax benefits under Section 80CCD (1) & 80CCD(1B) of Income Tax Act, 1961, with Exempt-Exempt-Exempt (E-E-E) status according to BusinessToday.
“There is a very strong case for bringing mutual funds Retirement Benefit or Pension Schemes under Section 80CCD instead of Section 80C to bring parity of tax treatment for the pension schemes and ensure level playing field,” says Menon.