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Assumptions are on high that Finance Minister Nirmala Sitharaman will provide some relief on the personal Income Tax in the upcoming Budget session. The expectations regarding deductions are high though tax rate cuts will hit the revenues. The Governments’ finance in current time is strained and cut on revenues is a significant risk. Experts also believe that the Government to make some twist in the dividend distribution tax and long term capital gains on listed securities.
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According to the current tax slab:
Some rationalization should be carried out in the Budget 2020 to moderate rate of tax, says Saraswathi Kasturirangan, partner with Deloitte India.
In the present time, a company pays income tax on its taxable profit. According to Ashok Shah,Withdrawal of the DDT will remove the cascading impact of taxation. The Government should tax dividend in the hands of the shareholders at concessional rates”.
According to Ashok Shah of NA Shah Associates, “STT was introduced in 2004 and accordingly long term capital gain on which SST is paid was exempted from tax. In the Union budget of 2018, tax on long term capital gains on listed securities was reintroduced. At the same time, STT was also continued. This had negative effects on the sentiments of investors”.
The Government can roll out some tax sops for home loans to support the real estate sector. In previous years July budget, The Ministry announced an additional deduction of Rs. 1.5 lakh for interest paid on loan borrowed up to 31st March 2020, for purchase of an affordable house valued up to Rs.45 lakh. The expectation is that:
Pension fund Regulator or PFRDA has demanded an increase in the Income Tax benefit under NPS upto Rs. 1 lakh.
The Finance Ministry will take the final decision on tax proposals after completion of pre Budget meetings. The concerned Minister will sign the recommendations after discussion with the Prime Minister. The demand of industry body specifies that income up to Rs 5 lakh should be exempt from tax from the current Rs 2.5 lakh to spur demand for goods and services.
Also, Read: GST Compensation Cess may see a Downfall of Rs. 63000 Crore.
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