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Friends, the much-awaited Union Budget 2024-25 (full) is slated to be presented in the Parliament by our hon’ble FM Smt. Nirmala Sitharaman on July 23rd, 2024. This Budget presentation will distinguish her as the first Finance Minister of India to deliver seven consecutive Union Budgets, surpassing Shri Morarji Desai’s previous record of six budgets.
This special occasion demands a special pre-budget wishlist, instead of the routine ones. So, in this piece, I have penned down my poetic pre-budget wishlist, in the form of a few poetic verses, highlighting some much-needed relaxations and incentives and a few critical and relevant grey areas and gaps currently being experienced by all of us in the direct tax domain, and which require timely redressal by the Legislature in the upcoming full Union Budget 2024.
A Poetic Wishlist for the Union Budget 2024-25!!
On July 23rd, the Union Budget 2024 will be Presented,
Poised to make our Country’s Growth & Economy Augmented.
Extra sweetened with a two-time Halwa Ceremony,
The Budget should iron out Common Man’s Agony.
For gaining the Middle Class’s Trust,
Our beloved FM should give their aspirations a major Thrust.
Middle Class yearns an increase in Basic Exemption limit in Tax Slab,
Waiting for the Basic Exemption limit of 5 lacs to Unwrap.
Salaried Class yearns an increased Standard Deduction,
As they have their major Contribution in Tax Collections.
For encouraging a switch to the New Personal Tax Regime,
Allowability of HRA & Interest on home loan deduction should be Themed.
Child Education & Hostel Expenditure Allowance Exemption,
Needs an increase in line with the rising costs of Education.
Businesses just want Ease of their Doing,
With unnecessary tax litigations not Brewing.
Reduce the 201 Order passing time of Seven long Years,
So that TDS verification doesn’t bring Businesses in Tears.
Partnership Firms & LLPs yearn a Level Playing Field,
Of the similar Concessional Tax Rate Shield.
To ensure Mutual Fund Industry Sustains,
Reconsider Debt Mutual Funds taxability as Short Term Capital Gains.
In order to give the Faceless Assessments a much more Credence,
Need of the hour is to curb the creeping in backdoor Malfeasance.
Untimely disposal of Faceless Appeals to keep at Bay,
Simply replace the word ‘may’ with ‘shall’ in section 250(6A).
Its time to revisit New Reassessments Regime’s deadly Obsessions,
‘Information in Possession’ & ‘Audit Objection’.
Need of the hour is to carefully vet the ‘Information in Possession’
And audit the Audit Objection,
To impart the New Reassessment Regime a positive Direction.
So that it meets its intended legislative Intention.
The DIN controversy in the SC needs a Resolve,
Reinsertion of Section 282B will get it Solved.
Budget should lay out a clear-Road Map
For the benefits of Pillar 1 & 2 to Tap.
Behind every Successful Budget’s Appearance,
There is always a hardworking FM’s Perseverance.
Ease of Compliance & Tax Stability is the Ask,
We are confident that our beloved FM will do a wonderful Task.
The upcoming Union Budget will give the Indian Economy an Amazing Facelift,
Transformation of India from Developing to Developed Nation will undergo a Paradigm Shift.
(By Mayank Mohanka, Partner, S M Mohanka & Associates, Founder, TaxAaram.com)
[This Poem has also been published in Taxmann with the citation [2024] 164 taxmann.com 293]
