Union Budget 2022: Budget Seeks To Cut Down Litigation, Tax Evasion

Union Budget for FY23 presented by finance minister Nirmala Sitharaman sought to offer more stability and simplicity in the tax regime with a host of measures that aim to offer an investor-friendly climate. Voluntary tax compliance based on the tax department’s intelligence gathering and a less-litigation-prone administration is increasingly becoming the face of the Income Tax department. The budget proposals also seek to create more deterrence against tax evasion. Sitharaman said that as a business promotion strategy, there is a tendency among businesses to pass on benefits to their agents which are taxable in the hands of the agents. To track such transactions, the government proposed to provide for a tax deduction by the person giving benefits, if the aggregate value of such benefits exceeds ₹20,000 during the financial year. The move is in line with the government’s idea of tracking the transactions in the economy.

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