Rationalised TDS framework, revamped concessional I-T regime expected in Budget: EY

PTI, Jan 22, 2023, 11:22 AM IST

Image Credit: Freepik

The government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday.

The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up to Rs 20 lakh on the personal income tax side.

Also, possibility of ‘green’ incentives to be introduced such as tax exemption to interest from green bonds and rationalisation of capital gains rates and holding periods could be expected in the Budget, to be unveiled in Parliament on February 1.

With regard to Tax Deducted at Source (TDS), the EY said that currently, 31 sections under the Income tax Act deal with different types of payments to residents, where the withholding tax rates vary from 0.1 – 30 per cent.

”The government may provide a more rationalised TDS framework to reduce the complexity and compliance burden for taxpayers. There could be simplification in the TDS procedures pertaining to NR (non-resident) individuals,” EY said.

Investment and production-linked incentives may be considered for strategic sectors that can strengthen ‘sustainability’ or lead to energy efficiency,” EY said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Mangaluru: Three youngsters swept away by waves at Panambur Beach

BJP’s Asansol candidate Pawan Singh steps aside from Lok Sabha contest, TMC mocks decision

PM Modi contributes Rs 2,000 to BJP for building ‘Viksit Bharat’

Denied Lok Sabha ticket from Chandni Chowk, BJP MP Harsh Vardhan bows out of active politics

INDIA bloc leaders sound poll bugle at Patna rally

Will consider handing over blast case to NIA if need arises: CM Siddaramaiah

Included ‘nyay’ word to my yatra as injustice leading to hatred in country: Rahul Gandhi

Related Articles More

IPO craze continues: Three firms to raise Rs 1,325 crore next week

Byju’s unable to pay salaries as rights issue funds locked in separate account amid rift with investors

Info Edge’s Naukri, Shiksha, 99 acres disappear from Google Play Store

Sensex, Nifty hit all-time high levels in special live trading session

WTO talks end sans decision on key issues; duty moratorium on e-commerce trade extended again


Anantha Padmanabha Temple

Rameshwaram Cafe

Belkale chande team @Ayodhya

Namma Metro Staff Doesn’t Allow A Farmer To Travel Citing Dirty Clothes

A rare disease

Latest Additions

Lok Sabha polls a fight between dictatorship and democracy: Uddhav

Mangaluru: Three youngsters swept away by waves at Panambur Beach

AIADMK slams BJP for ‘hijacking’ its icons MGR, Jayalalithaa

Ex-Gujarat Dy CM Nitin Patel opts out of race for Mehsana Lok Sabha constituency

Congress govt will not get distracted by ‘silly attempts’: K’taka Minister on cafe blast

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.