Union Budget 2024-25: Four income tax benefits you could expect from Finance Minister Nirmala Sitharaman. Details here
personal income tax, particularly in the New Tax Regime, Gupta added. The deduction limit under Section 80D for medical insurance premiums should be increased from ₹25,000 to ₹50,000 for individuals and ₹50,000 to ₹75,000 for senior citizens, reflecting rising healthcare costs.
"Extending Section 80D benefits to the new tax regime would promote equitable access to healthcare, said Archit Gupta. “Currently, 1% TDS is deducted on property purchases exceeding ₹50 lakh.
While this process is straightforward for resident sellers (using Form 26QB), it becomes more complex for Non-Resident Indian (NRI) sellers," said Gupta. The complexity of the current capital gains tax regime poses challenges for investors, with numerous factors to consider, such as asset classes, holding periods, tax rates, and residency status.
“The government should streamline the classification of equity and debt instruments, unify tax treatment for listed and unlisted securities, and simplify indexation provisions," said the CEO of ClearTax. Despite being recognised as a metro city by the Indian Constitution, Bengaluru remains classified as a non-metro for income tax purposes, According to Gupta, this is limiting HRA deductions to 40% for its residents instead of the 50% available in other metro cities.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.Milestone Alert!
Livemint tops charts as the fastest growing news website in the world
