![](https://www.udayavani.com/wp-content/uploads/2024/07/mani-lo-415x250.jpg)
Rationalised TDS framework, revamped concessional I-T regime expected in Budget: EY
PTI, Jan 22, 2023, 11:22 AM IST
![](https://www.udayavani.com/wp-content/uploads/2023/01/bud-620x348.jpg)
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
![](https://www.udayavani.com/wp-content/uploads/2023/05/IndianClicks_GVega_Udayavani_300x250_12032021_1_1.gif)
Related Articles More
![](https://www.udayavani.com/wp-content/uploads/2024/07/IndiGo-PTI-rep-150x74.jpg)
IndiGo flags higher inflationary environment, escalation in fuel, airport costs
![](https://www.udayavani.com/wp-content/uploads/2024/07/BSE-bull-run-150x113.jpg)
Sensex rebounds 1,293 points, Nifty races to record high on value buying in bluechips
![](https://www.udayavani.com/wp-content/uploads/2024/07/idbi-150x84.jpg)
IDBI Bank privatisation: Security clearances in place, RBI’s nod expected soon
![](https://www.udayavani.com/wp-content/uploads/2024/07/EV-rep-Shutterstock-1-150x89.jpg)
Hyundai ties up with Charge Zone for high-speed EV chargers
![](https://www.udayavani.com/wp-content/uploads/2024/07/BSE-PTI-4-150x98.jpg)
Stock markets fall for 4th day on selling in banking shares, STT hike
MUST WATCH
Latest Additions
![](https://www.udayavani.com/wp-content/uploads/2024/07/doctor-8-150x101.jpg)
Haryana govt accepts demands, striking doctors return to duty
![](https://www.udayavani.com/wp-content/uploads/2024/07/mani-lo-150x90.jpg)
Manipal: Panic as Leopard chases dog inside residential compound
![](https://www.udayavani.com/wp-content/uploads/2024/07/rains-6-150x101.jpg)
Delhi’s minimum temperature notch above normal, IMD predicts moderate rain
![](https://www.udayavani.com/wp-content/uploads/2024/07/bail-15-150x75.jpg)
Shortage of 18 judges in 10 courts across Goa: Minister tells assembly
![](https://www.udayavani.com/wp-content/uploads/2024/07/meat-150x100.jpg)
Bengaluru: Tension at railway station over consignment of meat
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.