This photo is of TV Mohandas Pai, Chairman, Manipal Global Aid.

Manipal Global Ed. Chairman TV Mohandas Pai has high hopes from Budget-2023. He believes that the government can take some bold steps in the budget. There is a possibility of focus on resolving old issues and disputes. Despite the ever-increasing inflation, the middle class has not received any special tax relief for the last few years. He is hopeful that the government will increase the tax slab in this budget.

Along with this, 15% and 25% surcharge should be removed in addition to the 43% tax on the income of the rich class (HNI) above 5 crores. Due to this, more than 10 thousand HNIs have left India. Along with these, consumption of 40-50 thousand crores will also go away from India.

The government should bring such a scheme by which the old tax dispute can be resolved.
Tax related disputes are on the rise due to heavy tax assessments by the authorities. The amount involved in such disputes has increased from Rs 4.5 lakh crore in 2014 to Rs 12.5 lakh crore last year. The government should bring such a scheme, so that all old tax disputes are disposed of by a judicial authority expeditiously.

We expect the government to make announcements in this budget to remove the disparity in capital gains tax between listed and unlisted companies. Currently, unlisted companies pay 20% capital gains tax, while it is 10% for listed companies.

Also, in case of ESOP (Employee Stock Ownership Plan) for unlisted companies, tax should be levied at the point of sale. It may be ensured that all ESOP shares are issued in dematerialized form and are kept in the depository till they are sold. They should be taxed only when they are sold.

There should be a policy to bring back the companies that have gone out
Many startups are setting up headquarters outside India in tax havens or low tax countries to save tax. There is a need to formulate at least a short term policy to bring them back to the country. We hope that there will be some such announcement in the budget. By doing this, more and more people can be motivated to become entrepreneurs. The lower class of the country will also get the benefit of this.

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