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August 2024

Representations

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Reading Time 2 mins

BCAS as an organisation has always been pro-active in voicing the opinion of its members and community at large and has been one of the important stakeholders of the policy makers. The Society made two representations before the Finance Ministry and CBDT Chairman in the last month.

Pre-Budget Memorandum for Finance Act, 2024:

A Pre- Budget Memorandum- 2024-25 offering various suggestions was presented before the Finance Ministry. Some of the salient suggestions included were:

  •  Reducing the maximum tax rate of 30 per cent for individuals;
  •  Reinstating medical reimbursements up to ₹50,000/- for salaried employees;
  •  Increasing the threshold limit for payment of advance tax from ₹10,000/- to ₹1,00,000/-;
  •  Bringing back weighted deduction of 150 per cent for in-house Research and Development expenditure to promote innovation;
  •  Raising the exemption limit u/s
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