Budget 2023: Residents of Indore have many hopes from the general budget, the box will open shortly

Budget 655910866734: Indore (Naiduniya Representative). This general budget of the Narendra Modi government at the Center is the last full budget before the next year’s general elections. In such a situation, from the common people of Indore city to businessmen and industrialists, gifts are expected to come out from the box of the Finance Minister. The savings of the middle class, who are struggling with inflation and indirect taxes, are being affected by non-increasing income tax slabs. Partnership firms and professionals are also expected to reduce the income tax rate.

Exemption increased for the middle class According to former CA Branch President CA Kirti Joshi, Section in income tax 50C currently under 1.50 Deduction of Rs. lakh is available, which includes home loan principal, children’s fees, life insurance, new house registry fees, Sukanya Samriddhi Yojana, equity linked mutual funds, PF, PPF etc. It was fixed in 2023. Since then till now inflation has increased by more than 44 %. This exemption of most of the taxpayers is met only by the school fees of two children and the home loan. This limit should be increased to 2.5 lakh rupees, this will enable investment of extra savings in stock market through mutual funds.

Businessmen are demanding relief from disputes

To settle old disputes related to income tax and GST and to promote ease of doing business, the government An amnesty scheme i.e. amnesty scheme should be brought, through which many cases pending in different high courts, tribunals and appeals can be settled. Along with this, the taxpayer will be able to get relief from pending cases in GST, Company Law and Income Tax forever. Presently many cases are pending in GST also because the supplier has not filed GST returns and hence the buyer is not getting input tax credit.

Deduction for professionals Burden

Income Tax Section 2023 ADA small professional taxpayers (whose annual receipt lakh) gives them an option that if they so desire, without proper accounting, their gross receipts % can be treated as his income and taxed. it’s more. For small professional taxpayers, the percentage of presumptive profit shall be substituted by % % should be done.

Tax should be reduced on small industries

Medium and small scale industries are generally a partnership firm or limited liability keeping in mind the cost of compliances rather than forming a company Let’s do business by forming a firm. They have almost 15 % stake in the country’s GDP. At present, partnership firm and limited liability firm have to pay income tax at the rate of 44%, While the tax rate for corporate ranges from 15% to % Till then.

Posted By: Prashant Pandey