Finance Minister Nirmala Sitharaman may declare India’s commitment to ‘Pillar 2’, aiming to implement a global minimum effective corporate tax rate of 15%, during the upcoming Budget, ToI reported.
A survey conducted by real estate association CREDAI and investment management company Colliers found that the majority of the real estate developers expect tax rationalisation, sops for affordable housing, and single window clearance from Union Budget 2024, slated to be tabled sometime later this month.
The Union Budget 2024 has introduced an important change in the taxation of rental income from residential property. To curb tax evasion, Finance Minister Nirmala Sitharaman has mandated that such income can only be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category.