Income Tax: Not a single rupee tax will be levied on income of Rs 8 lakh, taxpayers should know the latest update..
Experts expect the interim budget to include an increase in income tax exemption limit, support to women entrepreneurs, long-term taxation policy, and promotion of consumption and savings. Finance Minister Nirmala Sitharaman will present the interim budget before the general elections on February 1.
Narayan Jain, national president of All India Tax Professionals Association, said, “This will be an interim budget, but it may have some indications for the full-fledged budget. Some concessions can be given to individual taxpayers under Section 87A. Under this, the total tax exemption limit can be increased from Rs 7 lakh to Rs 8 lakh.
Lower taxes on MSMEs
India Chamber of Commerce President N G Khaitan said there is a need for a long-term taxation policy and uniformity in taxation among companies, partnerships, and limited liability partnerships (LLPs) to provide a level playing field to small and medium companies. He said that MSMEs are taxed more, even though they have a huge contribution to the country's GDP and employment generation.
Vivek Jalan, chairperson of the fiscal affairs and taxation committee of the Bengal Chamber of Commerce, expressed hope that a simple scheme incorporating some deductions for personal income taxation could be introduced. Radhika Dalmia, Chairperson of FICCI Women's Organization (Kolkata Chapter), advocated tax exemption and more maternity leave for women entrepreneurs.
Aim to make the country the third-largest economy
Finance Minister Nirmala Sitharaman on Saturday said that India needs the cooperation of every partner to make it the world's third-largest economy by the financial year 2027-28. He said that for this India's GDP will have to cross the $5 trillion mark. The Finance Minister also added that there is a need to develop initiatives of the Customs Department like 'faceless assessment' and 'single window clearance'.
Sitharaman, in a written message on the occasion of 'International Customs Day 2024', said that during India's 'Amrit Kaal' all stakeholders need to come together and contribute to benefit the citizens. He said the theme of this year's International Customs Day is "Customs connecting traditional and new partners with purpose", which echoes Prime Minister Narendra Modi's slogan 'Sabka Saath - Sabka Vikas'. Sitharaman said, “Every partner needs to cooperate to make India the third largest economy by 2027-28.
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