Experts in the travel and tourist sector anticipate lower income tax rates and more uniformity in the tax collected at source (TCS) system ahead of the interim budget’s announcement.
According to Madhavan Menon, Executive Chairman of Thomas Cook India Ltd., “reduced income tax levels to provide increased disposable income in the hands of the people which create a boost for travel & tourism spends.”
“To lessen the considerable advantage enjoyed by foreign competitors (exempt from this levy), consolidate the TCS rate on outbound tours into a single five percent slab,” stated Vishal Suri, Managing Director of SOTC Travel.
Expectations for the Budget in 2024 LIVE: EV industry demands continuation of FAME scheme subsidies
Experts in the EV sector in India anticipate that the next interim budget will include an extension of the FAME plan subsidies, given the sector’s explosive growth.
The Managing Director of Quantum Energy, Chakravarthi C., emphasized that the industry is looking forward to critical measures in the 2018 budget to maintain and accelerate its growth. Stakeholders are urging an extension of the FAME II subsidy scheme, which is scheduled to end in March 2024, in order to guarantee that continued efforts are made to improve the affordability and accessibility of EVs.
An extension, as Chakravarthi C. pointed out, would be consistent with the government’s aggressive goal of having 30% electric vehicles on Indian roads by 2030.
According to Saurabh Garg, co-founder and chief business officer of NoBroker.com, the next interim budget should raise the threshold on affordable housing from ₹45 lakh to ₹65 lakh, making incentives more accessible.
Employees living in approved metropolises like Delhi, Mumbai, Kolkata, and Chennai are entitled to an HRA equal to 50% of their base pay under the existing HRA categorization. However, residents of non-metropolitan areas are only entitled to a 40% basic salary reduction in allowance. Major cities with exceptionally high rental prices, like Bangalore and Hyderabad, are not included in this classification. As a result, we hope that the next budget will resolve this disparity and reconsider how cities are classified,” Garg stated.
Expectations for the Budget in 2024 LIVE: NAREDCO Maharashtra President Sandeep Runwal demands raising the interest rate deduction maximum to ₹5 lakh.
The president of NAREDCO Maharashtra, Sandeep Runwal, demanded that the concept of affordable housing be changed, especially for metropolitan areas, and that the interest rate deduction threshold be raised significantly to ₹5 lakh.
He also emphasized how the real estate sector is expecting the next Budget 2024–2025 to bring about revolutionary improvements.
In addition, he demanded tax breaks for first-time homebuyers, continuous support for affordable rental housing, and the reinstatement of the Goods and Services Tax (GST) with an input tax credit. Further recommendations include tax breaks, a single window clearing process, lower interest rates on home loans, and the resuscitation of homeownership assistance programs.
