“Modi 2.0’s maiden Budget sets the ball rolling for a “New India” on the principles of “reform, perform and transform”. There have been no changes in the income-tax slab rates, and individuals with taxable income up to Rs5,00,000 are not required to pay taxes. The Budget aims at Housing for All by 2022 by providing an additional deduction of up to Rs1.5 lakh for interest paid on loans for the purchase of an affordable house valued up to Rs45 lakh.
A series of measures including using PAN and Aadhaar interchangeably, pre-filling of tax return forms and faceless e-assessments to reduce taxpayer harassment are pragmatic. The proposal to enhance surcharge on “super-rich” individuals with incomes exceeding INR 2 crore is one of the steps to increase tax revenues.”
Akhil Chandna, Director, Grant Thornton India LLP