Income Tax Return Rule: If you are also a taxpayer, then there is important news for you. Discussions have started regarding the budget to be presented next year. Many big announcements can be made in the budget regarding income tax.
Meanwhile, to give relief to the common man from rising inflation, the Confederation of Indian Industry (CII) has demanded a cut in income tax from the government. This industry body has made this recommendation citing Russia’s invasion of Ukraine and China’s economic slowdown.
CII made this big demand
In fact, the Confederation of Indian Industry, the world’s important financial institution, has made disappointing predictions about the global economic rate after these developments, after which this demand has been made to the government. Significantly, on Saturday, the Center has decided to abolish export duty on iron ore and many steel products. Further, to promote exports, CII has also recommended covering all export products under the Remission of Duties and Taxes (RoDTEP) scheme, which provides refunds against various embedded taxes.
Common man will get relief
CII suggests implementing policies such as rationalizing income tax slabs and rates for taxpayers, reducing the 28% GST rate on select consumer goods, and expediting rural infrastructure projects to facilitate job creation in rural areas Have given. In addition, CII has also recommended raising capital expenditure to 3.3-3.4% of GDP in FY24 from the current 2.9%. You may recall that in the last Union Budget, a record increase of Rs 7.5 trillion was registered in capital expenditure, an increase of 35.4% from the previous financial year. The Treasury says that this number could reach ₹10 trillion with improvements in tax collection.
Why was this suggestion given?
CII said, “The cut-off date for commencement of construction under Section 115BAB of the Income Tax Act should be extended from the present 31 March 2024 to 31 March 2025. This would encourage more investment in the manufacturing sector and exports.” Apart from this, CII said that the budget should promote the speedy functioning of important dispute resolution mechanisms like Faceless Appeal, Advance Pricing Agreement (APA) mechanism, Advance Ruling Board (BAR) and Dispute Resolution Scheme (DRS).