Steps to make new tax regime more attractive; clear and concise capital gains tax regime expected: Tapati Ghose, Deloitte
Tapati Ghose, Partner, Deloitte, says “we could expect amendments towards simplification of tax, ease of compliance, and a review of Chapter VI A. As regards simplification of taxes, additional steps to make the new tax regime more attractive with further widening of the slabs and reduction of some of the tax rates could be on the cards.”
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What is expected on the taxation front from Interim Budget 2024?
Tapati Ghose: From a personal taxation standpoint, not much change is expected. However, we could expect amendments towards simplification of tax, ease of compliance, and a review of Chapter VI A. As regards simplification of taxes, additional steps to make the new tax regime more attractive with further widening of the slabs and reduction of some of the tax rates could be on the cards.
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A clear and concise capital gains tax regime to boost the capital markets is expected as well. A capital gains regime is complex, dependent on period of holding, residential status, nature of asset, and with ever increasing types of products, compliance becomes extremely difficult for a layman. Review of Chapter VI A may also be on the cards on some key areas only.
Providing a larger cover for medical insurance with ever increasing medical costs, there is an expectation that the government will increase the relief under Section 80D.
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