AS the eagerly awaited Union Budget 2024 approaches, there are several key areas that taxpayers, including non-residents, are hoping to see addressed to enhance ease of compliance and promote a fair tax system. Finance Minister Nirmala Sitharaman is set to present the budget on July 23, and expectations are high that the government would make an increase in the basic exemption limit from ₹3 lakh to ₹5 lakh in the new tax regime, alongside a reduction in tax rates. This adjustment aims to bolster taxpayers' disposable income.
More money in hands of taxpayers
A crucial aspect of the budget expectation is the overhaul of the capital gains tax structure. This could encompass modifications in tax rates and the method of computation, impacting investors and the stock market. According to one of the leading financial firms EY, the government should enhance the extant tax-free long term capital gain (LTCG) ceiling on sale of equity shares/equity oriented mutual funds/units of a business trust from ₹1 lakh to ₹2 lakh. Similarly for immovable property, they should provide a tolerance limit of at least 10% of actual consideration for normative taxation purposes for transfer of unlisted shares.
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