Budget 2024: As Union Finance Minister Nirmala Sitharaman prepares to unveil the Interim Budget for the upcoming fiscal year before the transition to a new government on February 1, 2024, there is significant anticipation regarding potential changes to income tax policies. From adjustments in tax exemption limits to support for women entrepreneurs, here’s what the public is hoping for in terms of tax revisions.
Tax Exemption Limits
There is a widespread expectation for an increase in the overall tax exemption limit for individual taxpayers under section 87A, from the current cap of Rs 7 lakh to Rs 8 lakh. Additionally, there is a call for parity in taxation among companies, partnerships, and limited liability partnerships (LLPs) to ensure a level playing field for all entities.
Long-term Taxation Policy
Experts emphasize the need for a comprehensive long-term taxation policy. They advocate for equality in taxation among different business structures, particularly to alleviate the burden on small and medium enterprises (SMEs). Furthermore, there are hopes for actions to reduce personal taxation, thereby stimulating consumption and savings.
Hybrid Scheme For Personal Taxes
A simplified single hybrid scheme for personal income taxation, along with certain deductions, is anticipated. The government is urged to prioritize its global leadership in green manufacturing and promote sustainable practices.
Tax Relaxations For Women Entrepreneurs
Experts call for tax relaxations for women entrepreneurs, emphasizing the importance of supporting female-led businesses. Suggestions include tax concessions and increased benefits under schemes like the Rashtriya Swasthya Bima Yojana and education benefits for girls.
Regulation Of E-marketplaces
There is a push for strengthening the regulatory framework around e-marketplaces, especially in light of the government’s focus on Made in India initiatives. The role of export on e-marketplaces is highlighted, with calls for specific regulations to facilitate cross-border payments and resolve disputes effectively.
Review of TDS and Sustainable Initiatives
Suggestions include reviewing the mandatory TDS for eCommerce platforms and prioritizing sustainable energy, digital adoption in manufacturing, and increased credit for MSMEs in the Interim Budget.
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