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The government is expected to bring down the long term capital gain cut off limit of debt funds from three to one year.
This will align debt funds’ long-term capital gain time limit with that of other capital market securities. Since revenue loss from this action will be much less compared to other possible measures like removing capital gains tax on equities, or removing STT, the government may settle for this one.3.
Even if limit is hiked by Rs 50,000 and only one crore taxpayers avail of it, a gigantic Rs 50,000 crore will escape tax net.
There could be an increase in standard deduction from Rs 40,000 to Rs 50,000.
This would also require hiking the basic exemption for senior citizens to at least Rs 3.5 lakh.
In a way, the basic tax exemption is already Rs 3 lakh for roughly 2.7 crore taxpayers with incomes up to Rs 3.5 lakh by way of the Rs 2,500 rebate under Sec 87A.
They say that companies pay taxes and pay dividends out of post-tax profits, so it is unfair to tax this dividend again when it reaches the taxpayer.
This tenure has remained unchanged since 2006 whereas tuition fees of top B-schools has risen sharply since.Even though this is an interim Budget, the NDA government may offer big tax cuts to woo the middle class before the general elections.ET Wealth reached out to taxpayers and financial experts to know what they want or expect to see in the Finance Bill 2019.Will people’s expectations burn a big hole in the exchequer?Many people want the basic tax exemption for general taxpayers to be raised to Rs 3 lakh.
Of the 5.7 crore people who file their tax return, almost 1.5 crore have an income of over Rs 3.5 lakh.