Proposed changes in direct Tax by ICAI

Proposed changes in Direct Tax by ICAI (The Institute of Chartered Accountans of India) to Government (Pre-Budget Memorandum):

Few Important Changes: 1) 80C Limit: Increase to Rs.3 Lacs from Rs.1.5 Lacs 2) Standard Deduction for a salaried person: Increase to Rs. 1 Lacs instead of Rs.50k 3) PPF: Raising the annual limit for the contribution to Public Provident Fund (PPF) from the current Rs 1.5 lakh to Rs 3 lakh 4) 80D : Apart from the deduction for health insurance premium, a separate deduction for medical expenses incurred should be made available 5) Tax Audit: Reduce Tax Audit 44AB limit from Rs.10 Crore 6) 44ADA Professional: Increase 44ADA limit to ₹1 CR with estimated income 30% instead of 50%. 7) Insurance Deduction (Other than LIC): ICAI also asked for a separate deduction for payments relating to travel insurance, home insurance, or personal accident insurance policy 8) Dividend Taxation: keep at 20% (plus applicable surcharge & cess) 9) Sec 80G : Donation Cap of 10% of Total Taxable Income can be removed.

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