Budget 2024-25 expectations highlights: Budget 2024: Import duty cut tops Indian gem & jewellery industry's wish list
This is an interim budget, but we are still expecting some changes in individual taxation so that transitioning to new tax regime can be encouraged. Further, focus would be around Make in India campaign with possible benefit announcement to entities operating in sectors like solar panel, car batteries, etc. Additionally, one can expect some announcements around PLI schemes and MSME sectors to boost employment and growth.
- Rahul Singhal, Partner, S.N. Dhawan & Co LLP
Interest calculation for delay in advance tax instalment: The current system penalises taxpayers equally for a delay of even a single day in advance tax instalments, charging three months' interest. However, considering that interest relates to time, distinguishing between delays—a two-month delay versus two days—would ensure fairer penalties, aligning the interest charge more accurately with the duration of delay.
- Swatantra Bhatia, Partner, Tax, Forvis Mazars in India
- Rahul Singhal, Partner, S.N. Dhawan & Co LLP
Interest calculation for delay in advance tax instalment: The current system penalises taxpayers equally for a delay of even a single day in advance tax instalments, charging three months' interest. However, considering that interest relates to time, distinguishing between delays—a two-month delay versus two days—would ensure fairer penalties, aligning the interest charge more accurately with the duration of delay.
- Swatantra Bhatia, Partner, Tax, Forvis Mazars in India