Will there be income tax relief in Budget 2024? What CII says - Hindustan Times
close_game
close_game

Will there be income tax relief in Budget 2024? What CII says

Jun 17, 2024 12:28 PM IST

CII president Sanjiv Puri said, “What we are suggesting is that the process of simplification should continue.

Income tax relief is likely in the upcoming Budget for taxpayers in the lowest slab owing to high level of inflation in the country, CII president Sanjiv Puri said. The industry body head suggested creation of an institutional platform for consensus building between the Centre and states to successfully carry out all reforms in the country.

Budget 2024: As per the old regime, income tax exemption limit is applicable on income up to <span class='webrupee'>₹</span>2.5 lakh for individuals while under the new regime, exemption limit is on income up to <span class='webrupee'>₹</span>3 lakh.
Budget 2024: As per the old regime, income tax exemption limit is applicable on income up to 2.5 lakh for individuals while under the new regime, exemption limit is on income up to 3 lakh.

Talking to new agency PTI, he said, “What we are suggesting is that the process of simplification should continue. There are certain suggestions relating to capital gains, which are different for different instruments. Can it be rationalised?”

Read more: Zomato to acquire Paytm's movie ticketing business? What Deepinder Goyal's company said

He added, “Over a period of time as far as customs is concerned, we should move to a three-tier structure, primary at the lowest level, intermediates in between and then the finished goods and all over a period of time should be moderate rates with some exclusions, as deemed appropriate.”

As per the old regime, income tax exemption limit is applicable on income up to 2.5 lakh for individuals while under the new regime, exemption limit is on income up to 3 lakh.

Read more: Steve Jobs built Apple with this advice from his dad: ‘Nobody will see it but…'

On what to expect from the Budget, he said, “Broadly, I would say at this point of time it is public capex, adherence to fiscal glidepath, roadmap for investment in the social infrastructure, green fund and greater investment in the rural sector. These are the broad principles.”

Read more: Mcap of 5 of top-10 most valued firms jumps 85,582 crore; LIC biggest gainer

This comes as India's wholesale price index-based inflation rose for the third straight month to 2.61% in May on a year-on-year basis against 1.26 percent a month ago as per data from the commerce ministry. RBI Governor Shaktikanta Das earlier said that the central bank may consider "further policy actions" only if headline inflation stays at 4%.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, July 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On