Revenue Secretary Sanjay Malhotra talked comprehensively in the post-budget session including various components from long-term capital gains to the removal of indexation in real estate, tax collections, angel tax eradications, and buyback measures while speaking at PHD House said a press release.
“The 2024 budget is based on two main themes, the first is to simplify tax provisions and reduce complexity and disputes while boosting certainty and adopting a collaborative, non-adversarial approach and the second is it aims to stimulate growth and employment, with a significant shift from principal accounts to normative and presumptive methods,” said Sanjay Malhotra, as per press release by PHDCCI.
Speaking further on the capital gains he informed that the changes were driven by simplicity, fairness, and equity, ensuring that those more capable bear a burden than the lesser, as cited the press release. He added that efforts were made to address various suggestions, including simplifying TDS, making appeal orders effective, rectifying cases, reducing the reassessment period, and merging charity schemes. Malhotra further expressed gratitude to taxpayers mentioning that 51 per cent of direct tax revenue comes from the TDS, the press release noted.
Further press release addressed that he said, this year's budget is primarily focused on growth, development, and inclusive progress. On the revenue side the goal is to support growth momentum as India stands out with a 7% growth rate amid global economic challenges aiming for a Viksit Bharat by 2047.
Sanjeev Agrawal, President, PHDCCI discussed that the steps taken for micro, small and medium enterprises (MSMEs), such as credit support during periods of stress, credit guarantee for manufacturing units and the new assessment model for public sector banks for providing credit to MSMEs all these are going to provide a fillip to scores of small units, as per press release.
Further, inclusive development, job creation, internship opportunities, skilling, reaching the last mile, infrastructure and investment, green growth, youth power and financial sector. These will enhance India’s economic empowerment and pave the way for inclusive development, added Mr. Agrawal cited the release.
Hemant Jain, Vice President, PHDCCI said that the tax recommendations in the Budget for 2024 are intended to ensure continuity and stability in taxes, simplify and rationalize numerous rules to lessen the cost of compliance, encourage the entrepreneurial spirit, and give residents tax relief. He added that by making compliance simple, we are sure the Income Tax Department will continue to enhance taxpayer services, the press release stated.
Talking about angel tax, Ranjeet Mehta, Executive Director, PHDCCI appreciated the government's decision to eliminate the angel tax as a significant milestone for Indian startups and this will further boost innovation and investor confidence amid the funding challenges, said the press release. It added that he further praised the efforts of the Ministry of Finance for tabling a balanced budget which is sure to pave a path for the development of Industry and trade.
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