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Govt should prioritise review of Income Tax Act, get it passed as money bill
The Business Guardian
|October 27, 2024
SBI Research in a report has advocated for quicker review of the Income Tax Act as announced in Budget 2024-25.
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The report recommended that the revised Act be introduced as a money bill so that it can be passed within stipulated 75 days. This will not only simplify and streamline the taxation process but also align it with economic growth and inclusivity.
The report recommended raising the TDS threshold on bank interest payments from Rs 10,000 to at least Rs 100,000. Allowing annual issuance of TDS certificates (Form 16A) instead of quarterly, aligning it with Form 16 for salaries, since Form 26AS is primarily used for credit and a flat tax rate for individuals earning over Rs 8 lakhs, specifically for those aged 60 to 80, with additional provisions for individuals aged 80 and above.
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