homepersonal finance NewsBudget has clarity and consistency from personal tax standpoint, says Anand Rathi’s Feroze Azeez
Budget has clarity and consistency from personal tax standpoint, says Anand Rathi’s Feroze Azeez
In an interview with CNBC-TV18’s Surabhi Upadhyay, Ashish Shanker, MD & CEO, Motilal Oswal Private Wealth; Rajeev Dimri, Head-Tax, KPMG India; Feroze Azeez, Deputy CEO, Anand Rathi Wealth; Pallavi Bakhru, Partner, Grant Thornton discussed the key changes in personal income tax.
Finance Minister Nirmala Sitharaman tabled the Union Budget 2023-24 in the Parliament on Wednesday. During her budget speech, she made significant announcements for the tax paying community.
In an interview with CNBC-TV18’s Surabhi Upadhyay, Ashish Shanker, MD & CEO, Motilal Oswal Private Wealth; Rajeev Dimri, Head-Tax, KPMG India; Feroze Azeez, Deputy CEO, Anand Rathi Wealth; Pallavi Bakhru, Partner, Grant Thornton discussed the key changes in personal income tax.
Azeez said this Budget has clarity and consistency from personal tax standpoint. He said, "If they would have been any tweak in personal tax, I will be disappointed that you are not being consistent that you want to move everyone there. There was clarity, right, there was no change in the capital gains tax, one arbitrage on the MLD side was plugged, it was a very fine arbitrage, which has been plugged very meticulously with great intelligence.”
Dimri stated that nobody expected any increases in the tax rates, given the run up, of the tax collections month on month, there was certainly expectations of some relief.
He added, "I think the star attraction from a tax perspective in this budget is the personal individual tax. Pretty much trying to create a feel good factor, which some people might think that is it, because this is the election Budget. I also believe that given the tax increase in growth in the tax collection, this was a reward that was highly due to the tax paying community."
On standard deduction under this new regime, Bakhru said, "They have in fact introduced standard deduction, if you remember, the regime earlier, never even had a provision of standard deduction. And that was the whole ethos, that there should be no deductions and it should be a very plain and simple way of calculating. I think all this is being done to incentivize people, whether it's salaried people or pensioners, there is this whole push to get people to come into the new regime."
For the entire discussion, watch the accompanying video
(Edited by : Anushka Sharma)
First Published: Feb 1, 2023 10:06 PM IST
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