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Tax relief in Budget based on trust-based relationship principle, says revenue secy
New Delhi: Sanjay Malhotra, revenue secretary under the Ministry of Finance has said the tax relief announced in the Budget was based on the principle of a trust-based relationship.
"The effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates," he said about the tax relief measures announced in the Budget. He made the remarks while addressing the FICCI's Interactive Session on Union Budget 2023-24.
Union finance minister Nirmala Sitharaman, in her Budget document, made five major announcements relating to the personal income tax. The rebate limit in the new tax regime has been increased to Rs 7 lakh, meaning that persons in the new tax regime with income up to this income will not have to pay any tax.
The tax structure in the new personal tax regime has been changed by reducing the number of slabs to five.
The benefit of standard deduction has been extended to the salaried class and the pensioners including family pensioners under the new tax regime. The salaried individual will get a standard deduction of Rs 50,000 and a pensioner of Rs 15,000 as per the proposal. Each salaried person with an income of Rs 15.5 lakh or more will thus gain Rs 52,500, from the above proposals.
The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.
Malhotra said that the budget is about continuing growth in the country and ensuring that the benefits percolate to each and every individual.
Further, on the proposed decriminalisation of certain provisions under GST and Income Tax rules, along with schemes for presumptive taxation, he said it will make taxpayers' life simple.
The Budget proposed to raise the minimum threshold of tax amount for launching prosecution under GST from Rs one crore to Rs two crore, except for the offence of issuance of invoices without the supply of goods or services or both.
It will also decriminalize certain offences relating to obstruction or preventing any officer in the discharge of duties, deliberate tampering of material evidence, or failure to supply information. (ANI)