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<\/figure>\nBudget 2024 Date Live Updates: All eyes on Union Budget presentation; Will FM Sitharaman table Budget 2024 on July 22?<\/p>\n
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<\/figure>\nBudget 2024 Highlights: When will Finance Minister Nirmala Sitharaman present full Budget for FY25 (2024-2025)<\/p>\n
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![\"subsidy](\"https:\/\/www.financialexpress.com\/wp-content\/uploads\/2024\/06\/Housing.jpg?w=300\" "\\"Revamped")
<\/figure>\nRevamped subsidy scheme for urban housing on the cards<\/p>\n
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<\/figure>\nBudget 2024 Expectations: Logistics industry hope for consistency in growth policy, continued infra push, tax reforms, financial incentives<\/p>\n
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In the direct tax segment, too boost consumption, the industry body suggested reduction in rates of taxation for individuals and Limited Liability Partnership (LLP), promotion of electric vehicles<\/a> by allowing higher depreciation and extending benefits under section 80 EEB, and increasing limits for prosecution in TDS matters to Rs 50 lacs to ensure prosecution only in large and sensitive matters along with reduction in rate of compounding in prosecution matters.<\/p>\n Mukul Bagla, Chair of the Direct Taxes Committee at PHDCCI, recommended taxpayers earning Rs 40 lakh and above to be taxed at 30%. The current threshold is Rs 15 lakh. \u201cThe middle class is currently taxed at a rate of 30%, leaving them with little disposable income for savings and other needs. We suggested that the 30% tax slab should apply only to incomes above Rs 40 lakhs\u201d, said Bagla.<\/p>\n Subhrakant Panda, Immediate Past President, FICCI told reporters: \u201cThe basic approach, in the next five years, is very critical to maintain growth momentum. In our interaction, we have followed broad principles of simplification to enhance ease of doing business, and look at measures to reduce litigation.\u201d<\/p>\n Panda also said that the government is actively considering rationalisation of the capital gains tax structure.<\/p>\n Currently, the long-term capital gains tax (LTCG) is more benign on listed shares, while other types of assets, including real estate, attract the tax at higher rates, so the taxpayers have to hold these for longer periods to escape the higher short-term taxes. The holding period for long-term capital gains tax is more than 12 months for listed shares\/debt securities, while it is more than 24 months for unlisted shares and real estate, and 36 months for debt mutual funds and securities.<\/p>\n To bring about simplicity, consistency and rationalisation of capital gains tax regime, the CII has suggested the long term capital gains on financial assets to be taxed at 10%, while others at 20% (with indexation benefits). For short term capital gains, CII says, financial assets should be taxed at 15%. Currently the rates may go up to as high as 30%. Moreover, the industry body recommends the holding period for assets to be considered under LTCG as 12 months for financial assets, and 36 for others.<\/p>\n Also, to boost consumption demand in the short term, steps such as providing a marginal relief in income tax at the lower end of the spectrum with taxable income up to Rs 20 lakhs; reduction in excise duties on Petrol and Diesel<\/a>: upward revision of minimum wages of MNREGA; raising DBT amount under PM Kisan were suggested by CII.<\/p>\n<\/div>\n
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