Budget 2024: Tax Practitioners Urge Government to Rationalize Personal Income Tax

In the 2024 Union Budget, tax practitioners have urged the government to rationalize personal income tax, suggesting a review of tax slabs and exemptions to provide relief to middle-class taxpayers. They propose increasing the basic exemption limit, standard deduction, and investment limits under Section 80C. Additionally, practitioners recommend streamlining the tax filing process and reducing litigation through dispute resolution mechanisms. Addressing these concerns is expected to enhance compliance, reduce administrative burdens, and promote economic growth. By adopting these measures, the government can ensure a more equitable tax system that supports taxpayers while fostering a conducive environment for investment and consumption.