Some of the issues on the wish list of the country’s millennials include simplifying the income tax filing process, boosting the standard deduction limit, tax benefits for the new economy, and enhancing the benefits on college loans.
Spending on electronic devices accounts for a considerable portion of overall expenditure for those between the ages of 21 and 26.
In addition, financial advisers and workers see the following needs:
Reduced tax brackets and greater deductions
Income taxes and exemptions are critical for a working professional. They have a direct influence on our in-hand component, which has an impact on our intake (including discretionary). An increase in basic deductions and some tax rate reductions are required.
Tax breaks for new Industry
Many young people are motivated to explore their hobbies outside of their normal 9 to 5 professions. Others simply do it to pursue their interest, while others do it to supplement their income. The populace in their early twenties constitutes a sizable portion of India’s gig economy.
They are looking forward to receiving extra tax perks and deductions that are solely accessible to them.
Also Read: Here’s what taxpayers expect from Union Budget 2023
Exemption from capital gains tax on long-term assets
One of the most significant considerations that young paid persons must make as they begin their earning path is investment planning. Long-term capital gains tax exemption for assets held for longer than three or five years.
Making the income tax filing procedure easier
Another important responsibility they have is tax preparation. Many young people dread making tax-saving investments and completing income tax returns. This is due to the difficulties that non-finance graduates encounter in comprehending the taxes system once they reach the work market.
A much computerized tax return filing procedure, with minute-long instructional films at each stage, can assist new taxpayers through this process.
Spending on education has been increased
A modest rise in the amount reserved for expenditure on education each year can assist us in controlling the country’s skills shortage.
(By Amit Gupta, MD, SAG Infotech)