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Union Budget 2021-22: Industry consultations

The Union Budget 2021-22 consultations by the Ministry of Finance are round the corner. In this backdrop, NASSCOM, in partnership with Deloitte India as Knowledge Partner,  organized 2 Video Conferencing (VC) meetings (on October 8 and October 13), with the member companies to discuss  key recommendations for Union Budget 2021-22. The objective of the discussion was to deliberate on key recommendations from IT sector perspective and discussion with participants on priorities, new issues etc.

The session cumulatively witnessed participation from more than 50 participants.

NASSCOM made a presentation highlighting the issues to be included in NASSCOM’s Pre-Budget Memorandum 2021-22. Copy of the presentation is attached for your reference.

Some of the key suggestions re-iterated/ raised by the members relate to:

  • Extension of 15% tax rate
  • Need for clarifications on aspects related to enabling work from home
  • Transfer pricing related issues like relaxation in critical assumptions as per terms of an executed Advance Pricing Agreement, relaxation in methodology of computing arm’s length range for current year, etc.
  • Incentivising employment by rationalizing exemption under S. 80JJAA

Based on feedback received, we are prioritizing key issues to be raised to the Government along with the associated recommendations for the IT/ITeS sector. We shall soon be submitting NASSCOM’s Pre-Budget Memorandum 2021-22 with Ministry of Finance and MeiTY.

We will keep you posted on further developments in this regard.

The post Union Budget 2021-22: Industry consultations appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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