How the Upcoming Budget Will Impact the Income Tax Payers!
BENGALURU: February 29th is the day on which income tax payers’ mind would be concentrated upon right now. It is the date on which Budget 2016-17 will be presented by the NDA government in the parliament. While reports so far have suggested that a positive budget will be declared, citizens are hoping that the budget focuses on structural reforms and not resort on populism to gain points for the upcoming elections. Agenda of tax reformation seems to be topping the priority list of the government as the recommendations of Parthasarthi Shome Committee and Easwar panel report has been sought. The publicizing of Justice RV Easwar-led committee’s report last week has suggested that reforms shall be made to make the taxation process simpler for the common income tax payer. What it also suggests is that the TDS rate will be halved to 5 %. Below enlisted are the 7 recommendations that would have an impact on the income tax payers.
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