FOR IMMEDIATE RELEASE: Jan, 29, 2021.
EMBARGOED FOR: Jan, 29, 2021.
INDIAN INVESTORS FEDERATION Issues Recommendation for Union Budget 2021.
NEW DELHI, 29 Jan 2021: With Budget 2021 being the 1st budget post COVID-19; investor fraternity is earnestly looking forward to much needed benefits from the government. Indian Investors Federation has highlighted that Ministry of Finance should bring critical, wide ranging measures in this Budget Session that would leave more money in the hands of investors.
INDIAN INVESTORS FEDERATION would like to bring the attention of Ministry of Finance on critical issues impacting investors ranging from TAXATION, SUPPORT FOR JOBLESS, MORTGAGE HOLDERS, to PROTECTING INVESTORS FROM NEW FINTECH PLAYERS.
“Still after 10 Months there are large number of unemployed people, who earlier had been honest tax payers; or had been without job for substantially large period of time. In Union Budget 2021, the Government should come up with certain SOPs or rebates to such honest tax payers, so that their depleted savings are somehow restored to a certain extent”, said Mr. Dalip Sharma, the Director General at INDIAN INVESTORS FEDERATION.
Taxes & Cess : It is expected that Government would levy a health and education cess on the highest tax paying investors to fund the COVID vaccination costs. INDIAN INVESTORS FEDERATION is of the view that, it may adversely impact the India’s image and would force wealthy Indians to move out of India. Rather than, Government should involve the wealthy individuals and business to work out on the arrangement to create more jobs and provide support to them, which will have a long term impact on the economy.
- LTCG, STT & Tax on Dividends : INDIAN INVESTORS FEDERATION is of the view that in LTCG, there should be higher rebate ceiling of INR 5,00,000/- p.a. instead of INR 1,00,00/- that is in force currently. Many retires and the private sector employees who are due to retire have their retirement portfolios structured around dividends. Thus, INDIAN INVESTORS FEDERATION recommends that the Direct Tax on Dividends be waived off for this fiscal, so that the things get streamlined a bit.
- GST in Real Estate : INDIAN INVESTORS FEDERATION recommends that the government waives off / or removes the GST on the under construction property for at least 2 years, that would not only give the immense boost to the buyer sentiment, but also provide the much needed boost to the real estate / infrastructure sector.
Interest On Home Loan : INDIAN INVESTORS FEDERATION recommends the extension of deadline be increased to March 31, 2022 from current deadline of March 31, 2021 for the deduction of interest paid on loans taken to buy a residential house whose stamp value did not exceed forty five lakhs rupees and the tax payer did not own any other house as on the date of sanctioning of the loan, as per the Finance (No. 2) Act, 2019.
Medical Expenditure & Medical Insurance : Medical costs and insurance premiums have increased exponentially in the recent past; and more so due to the pandemic. Thus, the current deductions, that range in between INR 25,000/- to INR 1,00,000/- are still not sufficient. INDIAN INVESTORS FEDERATION strongly recommends that the deductions be doubled from the current levels.
Regulations on FinTech Players : In the recent past we have seen many lending FinTech players’ resorting to high handedness in loan recovery that has also resulted in many suicides.
Thus, INDIAN INVESTORS FEDERATION is of the view that there is the pressing need for the regulating these entities, so that the interests of the small time borrowers are safeguarded from such entities.
INDIAN INVESTORS FEDERATION is the leading Non-Profit Organisation that develop sustainable solutions to meet the emerging needs of the investor community. Indian Investors Federation (IIF) develops collective thought- leadership to strengthen the investment ecosystem. INDIAN INVESTORS FEDERATION provides a collective voice and representation on behalf of the investor’s community to the highest levels in financial institutions, regulatory bodies government authorities in India and globally.
For more information, visit our website www.indianinvestorsfederation.com.
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FOR FURTHER INFORMATION, PLEASE CONTACT
INDIAN INVESTORS FEDERATION
Phone : + 91 (11) 4562 4290