Budget Expectations from My Side:
👉 Increase in Basic Exemption Limit for the New Tax Regime:
- From ₹3,00,000 to ₹4,00,000 for Individuals.
👉 Revised Slab Rates in the New Tax Regime:
- Up to ₹4,00,000: Nil
- ₹4,00,001 to ₹8,00,000: 5%
- ₹8,00,001 to ₹12,00,000: 10%
- ₹12,00,001 to ₹16,00,000: 15%
- ₹16,00,001 to ₹20,00,000: 20%
- Above ₹20,00,000: 30%
👉 Increase Standard Deduction Limit for Salary to ₹1,00,000.
👉 Raise 80C and 80D Deduction Limits:
- Increase 80C limit to ₹2,00,000.
- Increase 80D limit to ₹50,000.
👉 Deduction of Remuneration & Interest:
- Allow deductions for remuneration and interest to partnership firms opting for sections 44AD and 44ADA.
- Reduce tax rates to 22% or 25%.
👉 Increase Threshold Limits for sections 44AD and 44ADA.
👉 Raise Threshold Limits for TDS Sections:
- Increase threshold limits for Sections 194C, 194H, 194I, 194A, and 194J.
👉 Increase Turnover Limits for Section 194Q & 206C(1H):
- Raise the turnover limits for the applicability of TDS/TCS provisions to ₹15 Crore or ₹20 Crore.
👉 Extension of ITR Filing Due Date:
- Shift the due date for filing returns under Section 139(1) to 31st August annually.
- Extend other key dates by one month as well.
👉 Shift TDS/TCS Payment Dates:
- Move the TDS/TCS payment date to the 12th of each month, considering the expanded scope of TDS/TCS in the last 2-3 years.
👉 Change GST Due Date Structure:
- GSTR-1/IFF: 15th of the month.
- GSTR-3B: 25th of the month.
👉 Allow Old Regime Selection After Due Date:
- Remove the restriction on changing tax regimes, allowing taxpayers to opt for the old regime even after the due date under Section 139(1).
👉 Allow Refund Claims in Updated ITR:
- Enable taxpayers to claim refunds in the updated ITR, so they can claim TDS refunds after settling any due taxes, late fees, and interest.
Disclaimer:
The information provided in this blog is for general informational and education purposes only and does not constitute financial, investment, or professional advice. Always conduct your own research or consult with a qualified financial advisor before making any investment decisions. Investing involves risk, and there is no guarantee of returns. The views expressed here are solely those of the author and do not reflect the opinions of any financial institution, company, or organization. KVSTAX is not responsible for any financial decisions or actions taken based on the content of this blog.
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