Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget

The yardsticks of stability, predictability, rationalisation and simplification define the tax proposals

The Union Budget for 2022-23 was presented when the Indian economy is on a strong rebound, with the GDP growth for 2021-22 at 9.2 per cent and that for 2022-23 projected at 8-8.5 per cent.

The underlying theme of the Budget is promoting digitisation, Make in India, and Ease of Doing Business 2.0. The key direct tax proposals can be classified according to the four pillars of tax policy — stability, predictability and certainty, simplification and rationalisation, and building trust.

Stability

• Tax rates

There is no change in individual or corporate tax rates. The surcharge on long-term capital gains