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“This will help clean the government’s books and also prevent unnecessary harassment to the taxpayer caused due to having to justify old demands,” said Ankit Jain, partner at Ved Jain & Associates.
Sitharaman said the tax rates will remain unchanged from last year. No new exemptions or deductions were announced either. “This will be disappointing for the middle class which was expecting some relief on taxation,” said Jain.
“Sustaining stability in tax slabs and rates instils a degree of predictability among taxpayers. Furthermore, given the interim nature of the budget and the decision to refrain from altering slab rates, it suggests a likelihood that subsequent administrations may similarly maintain a status quo in the final budgetary framework,” said Maneet Pal Singh, partner at I.P. Pasricha & Co,
Taxpayers and consultants have said the Income Tax department is adjusting tax demands that are 20 years old with the current year’s refunds. According to the Gujarat Chamber of Commerce and Industry (GCCI), thousands of tax assessees have experienced it this year. GCCI plans to raise this issue with the chairman of the Central Board of Direct Taxes, according to a media report.
First Published: Feb 01 2024 | 2:19 PM IST
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