Budget 2018-19: Govt may tweak income tax slabs, EY Survey finds - Hindustan Times
close_game
close_game

Budget 2018-19: Govt may tweak income tax slabs, EY Survey finds

Press Trust of India, New Delhi | ByPress Trust of India
Jan 22, 2018 09:00 PM IST

The government is likely to tweak income tax slabs and rates in Budget 2018-19 to bring down the burden on individuals according to a pre-budget survey

The government is likely to tweak income tax slabs and rates in Budget 2018-19 to bring down the burden on individuals, while there is unlikely to be any change in the current taxation of dividends, according to a survey by EY.

People Filing the Income Tax Return at Income Tax office Mayur Bhawan in the New Delhi.(Hindustan Times File Photo)
People Filing the Income Tax Return at Income Tax office Mayur Bhawan in the New Delhi.(Hindustan Times File Photo)

In a pre-budget survey by tax consultant EY, a wide majority of 69% of the respondents felt that the threshold limits for taxation would increase further in order to boost disposable income in the hands of the people.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

About 59% of the respondents were of the view that multiple outdated deductions would be replaced with a standard deduction in order to reduce the tax burden of employees.

The survey includes the views of 150 CFOs, tax heads and senior finance professionals and was conducted in January.

About 48% of the respondents said they expect the finance minister to lower corporate tax rate to 25%, but the surcharge would continue.

Most of the respondents (65%) do not anticipate a change in the current taxation of dividends at this stage. About 24% of the respondents feel that with a view to lowering the overall burden on the corporate sector, the government may lower the rate to 10%.

“The pre-Budget 2018 EY Survey with business decision makers reveals a consensus amongst India Inc for stability and consistency in tax policies and a moderate tax structure. There seems to be little expectation of any major direct tax overhaul after the transformative introduction of GST earlier in the year,” EY India National Tax Leader Sudhir Kapadia said.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, April 15, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On