Budget 2024 | Experts discuss their expectations on tax changes and more

Kapadia emphasised the importance of the government extending the new manufacturing unit scheme with a lower rate of 15% to attract both domestic and foreign direct investment in capital projects. He anticipated a one-year extension in this regard.

Kapadia does not expect any major changes in capital gains tax in the interim budget. He suggested that while there is room for aligning holding periods for long-term assets like real estate and equity shares, a more comprehensive review could be expected in the full-fledged budget.

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Kanabar pointed out to the possibility of adjustments to make the new personal income tax regime more appealing. This could include pushing up taxation slab rates and exemption slab rates to incentivise individuals towards the new tax system.

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The uncertainty lies in whether these changes will occur in the interim budget or later on. Kanabar acknowledged the potential for such adjustments, considering the populist angle, especially for those inclined towards the new tax regime.

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For the entire discussion, watch the accompanying video