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Pre Budget Views News

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(16 Jul 2024, 12:30)

Bombay Chartered Accountants' Society recommends reducing the maximum tax rate for individuals

Bombay Chartered Accountants' Society (BCAS) has recommended reducing the maximum tax rate for individuals to 30% to provide relief to high-income earners. Reinstating the exemption for medical reimbursements up to Rs. 50,000 per annum will help salaried employees cover small and outpatient medical expenses. Increasing the threshold for advance tax payment from Rs. 10,000 to Rs. 1,00,000 will reduce the burden on taxpayers. Additionally, reinstating the 150% weighted deduction for in-house R&D expenditure will promote innovation and technological advancement. Raising the exemption limit under Section 54EC from Rs. 50 lakhs to Rs. 2 crores will provide adequate relief in line with inflation.
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