Category: Budget-II 2024-25

Budget-II 2024-25Income Tax in Media

Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest

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The Centre is looking to increase the income limit for individuals before any tax is levied to Rs 5 lakh from Rs 3 lakh currently in the upcoming budget likely to be presented mid-July, one of the officials said. This will be applicable only to those filing returns under the new tax regime and is aimed at leaving more disposable income in the hands of individuals, particularly those in the lower earning bracket.

Budget-II 2024-25

Seeking Suggestions for Union Budget 2024-25

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Department of Revenue, Tax Research Unit requested Trade and Industry Associations vide letter reference dated 12.06.2024 to provide their suggestions and views for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same for upcoming Union Budget 2024-25.

Budget-II 2024-25Income Tax in MediaPress Release

ICAI seeks tax incentives for entities engaged in green energy projects

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Chartered accountants’ apex body ICAI has proposed separate deduction of expenses related to education of a girl child in the tax regime as well as tax incentives for entities engaged in green projects and skill development activities. The Institute of Chartered Accountants of India (ICAI) has submitted its Pre-Memorandum 2024 to the Central Board of Direct Taxes (CBDT). The full budget for the current financial year 2024-25 will be presented by the new government.

Budget-II 2024-25

Budget Recommendation Committee through the Institute of Chartered Tax Practitioners India

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The Coimbatore Chapter of Institute of Chartered Tax Practitioners India has established a ‘Budget Recommendation Committee, to study and analysis various issues in Direct Taxes and Indirect Taxes, and suitably draft is recommendations for introduction, repeal , substitute, amend and modify the sections, provisions, explanations and rules in the forth-coming budget.