Finance Minister Nirmala Sitharaman presented her seventh consecutive budget today in Parliament. The Union Budget 2024-25 endeavors to reinforce the government's ambitious vision of the Viksit Bharat by 2047 by creating a robust and all-encompassing economy. Accordingly, the focus of this budget seems to be simplifying the income tax structure, reduce tax disputes & litigation, provide certainty to the taxpayers and improve the ease of doing business in India.
S Vasudevan, Executive Partner, Lakshmikumaran & Sridharan said, “Pursuing the agenda of simplification & ease of doing business, the Finance Minister has announced a comprehensive review of the Income Tax Act,1961 within next 6 months. As an immediate measure, the budget has proposed simplification of the tax structure for charities, rationalizing tax rates for TDS & Capital Gains, simplifying provisions related to reassessment and decriminalization of certain offences for TDS. In another measure to reduce pending litigation & disputes, the Finance Minister has proposed to increase the monetary limits for filing of appeals and announced the Vivad se Vishwas Scheme 2024 for matters already pending in appeal.”
"This reflects government commitment to provide tax certainty & make the overall environment conducive for businesses. The initiative taken with regards to reduction in the corporate tax rate for the foreign companies, expanding tax benefits to funds & entities in IFSC, abolition of equalization levy for e-commerce, abolition of angel tax etc. are also aimed at providing much needed boost to the Indian economy by attracting more investments in India," Vasudevan added.
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