Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions.
Interim Budget: The upcoming budget will be an interim budget rather than a full annual budget. The budget becomes a strategic pause that allows stakeholders to reassess and prepare for the unfolding landscape. Financial service providers are establishing Digital Banking committees to assess and improve digital inclusion. Regulatory and tax relaxations are being considered to protect against fraud, ensure data privacy, and encourage digital innovation. The International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) is an example of India s ambitions to become a global financial leader.
Union Budget News: Read the Latest Union Budget 2024 News on The Economic Times. Discover Latest Budget Updates, India Budget Expectations, Budget Announcements, by Nirmala Sitharaman and more.