Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Budget Cheer Likely for Taxpayers as Exemption Limit May Go Up, Super Rich May be Taxed More: Report

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries. A whopping 74 per cent of the respondents felt that exemption threshold of personal income tax would be hiked from Rs 2.5 lakh.

PTI

Updated:June 30, 2019, 12:23 PM IST
facebookTwitterskypewhatsapp
Budget Cheer Likely for Taxpayers as Exemption Limit May Go Up, Super Rich May be Taxed More: Report
Representative image.
Loading...

New Delhi: The upcoming Budget may hike the tax exemption limit for individuals from the current Rs 2.5 lakh and introduce a higher 40 per cent tax on those with income above Rs 10 crore, a KPMG survey said.

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries. A whopping 74 per cent of the respondents felt that exemption threshold of personal income tax would be hiked from Rs 2.5 lakh, while 58 per cent said the government would consider a new 40 per cent tax slab for the 'super rich' -- those earning above Rs 10 crore.

While only 13 per cent of respondents feel that inheritance tax would be brought back, 10 per cent felt there are chances of re-introduction of wealth tax/estate duty, the survey said. To boost housing demand, 65 per cent of respondents felt the Budget may increase the tax deduction limit for interest on housing loan for self-occupied properties from the present Rs 2 lakh.

Also, 51 per cent said the government could carve out deduction for repayment of housing loan principal from the existing overall deduction limit of Rs 1.5 lakh under Section 80C.

However, 53 per cent of the respondents do not expect Finance Minister Nirmala Sitharaman to make any major direct tax amendments in the Budget to be unveiled on July 5. Also, 46 per cent of those surveyed felt corporate tax rate will not be cut to 25 per cent for all companies as was demanded by industry chambers in their pre-Budget meeting with Sitharaman.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 98.40 -5.25
Kotak Mahindra 1,534.60 2.21
Interglobe Avi 1,465.25 1.38
IndusInd Bank 1,501.25 1.90
Indiabulls Hsg 668.20 3.38
Company Price Change %Gain
Yes Bank 98.45 -5.25
HDFC 2,286.30 0.39
SpiceJet 141.95 7.74
Tata Elxsi 742.40 -8.90
Indiabulls Hsg 667.80 3.36
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 668.20 3.38
UPL 659.75 2.78
SBI 372.40 2.21
Kotak Mahindra 1,534.60 2.21
Tech Mahindra 690.80 2.20
Company Price Change %Gain
SBI 372.15 2.17
HCL Tech 1,040.65 2.02
Kotak Mahindra 1,532.90 2.02
IndusInd Bank 1,500.70 1.85
Asian Paints 1,394.85 1.67
Top Losers
Company Price Change %Gain
Yes Bank 98.40 -5.25
Eicher Motors 18,433.70 -3.19
GAIL 143.40 -2.68
ONGC 149.90 -1.54
NTPC 129.10 -1.41
Company Price Change %Gain
Yes Bank 98.45 -5.25
ONGC 149.85 -1.64
Bharti Airtel 345.90 -1.41
Maruti Suzuki 6,074.20 -1.38
Bajaj Auto 2,696.45 -1.31

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results