Income Tax Exemption: Tax rebate will be available on the expenditure on girls’ education, know the complete planning of the budget

 

Income Tax: In the proposal given by ICAI, it was said that under both the new tax regime and the alternative tax system, separate provision should be made for deduction of expenses related to girls’ education.

Income Tax Exemption: ICAI, the apex body of chartered accountants, has proposed to make a separate deduction for the expenses related to girls’ education in the tax system. Along with this, there is a proposal to give tax incentives to units related to green projects and skill development. ICAI has sent its proposal to the Central Board of Direct Taxes (CBDT) before the budget to be presented after the formation of the new government. The full budget for the current financial year 2024-25 will be presented by the new government.

In the proposals given by ICAI, it was said that under both the new tax regime and alternative tax system, separate provision should be made for deduction of expenses related to girls’ education. About 8.5 lakh students and more than four lakh members are associated with ICAI. ICAI said that other suggestions related to personal taxation system include inclusion of provision of deduction for mediclaim premium payment in the new tax regime, regular increase in standard deduction and option of joint taxation for married couples.

Green bond buyers can get interest rebate

Apart from this, ICAI has also advocated tax incentives for companies engaged in green projects and institutions involved in skill development programs. A proposal was also made that the interest received by the buyers of green bonds could be exempted or a concessional rate could be applied on it. Regarding taxation on companies, ICAI has suggested matching the tax audit provisions with the estimated income provisions, simplifying the estimated income regime and increasing the limits for calculating the allowable remuneration of partners.

Apart from this, a proposal has also been made to rationalize the provisions related to taxation of charitable trusts. ICAI Chairman Ranjit Kumar Aggarwal said, ‘To increase green finance and encourage green projects, we have advocated giving a special package to the institutions starting green projects. A proposal has also been made to exempt the interest income of the customers of green bonds issued by such institutions.

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