Budget 2025: 1 फरवरी को वित्त मंत्री निर्मला सीतारमण संसद में देश का बजट पेश करेंगी. वित्त मंत्री से टैक्स छूट को लेकर मिडिल क्लास को बड़ी सौगात मिल सकती है. साथ ही 80C टैक्स छूट 2 लाख तक बढ़ाने की संभावना है. बजट में टैक्सेशन को लेकर उम्मीदों पर गुडरिटर्न्स की सीनियर एडिटर श्रुति सरकार ने Vedanta - Aluminium Business की Head of Tax Kritashna More से खास बातचीत की.
#Budget2025 #SensexResistance #NiftySupport #CapitalGainsTax #BudgetImpact2025 #StockMarketAnalysis #InvestorUpdates
#TopSectors2025 #FinancialPlanning #BudgetDayIndia
~PR.147~ED.70~HT.334~
#Budget2025 #SensexResistance #NiftySupport #CapitalGainsTax #BudgetImpact2025 #StockMarketAnalysis #InvestorUpdates
#TopSectors2025 #FinancialPlanning #BudgetDayIndia
~PR.147~ED.70~HT.334~
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NewsTranscript
00:00Budget 2025 is one of the most important events of the year.
00:10On Feb 1, Finance Minister Nirvana Sitharaman will present the budget in the Parliament.
00:16From CAPEX to the education sector, investors are waiting for some kind of good news.
00:23Income tax remains a key subject.
00:26Hello and welcome, my name is Shruti Sarkar and you are watching GoodReturns and Future
00:30Focus Budget 2025.
00:32In this episode, we are going to talk to Kritashna More, Head of Tax Vedanta Aluminium.
00:40Welcome Kritashna.
00:41Thank you so much Shruti for having me on the show, it's a pleasure.
00:46Same here.
00:47So my first question to you is, what are the focus areas which can deliver tax relief to
00:53the common man in the budget?
00:56Shruti, if we are talking about a common man here, the major expectations that a common
01:03man always has from a budget is, you know, greater financial relief, lesser compliances
01:11burden, easier and simplified tax regime and certainty and faster resolutions from the
01:18tax authorities.
01:20The most plausible way to achieve this objective from the finance minister would be to, I would
01:27say really rationalizing and simplifying the new tax regime.
01:31If you see currently under the new tax regime, the tax rate varies from 5% to 30%, right?
01:39So this year in the budget 2025, the industry is expecting that the finance minister is
01:44going to consolidate these tax rates into broader categories.
01:50Having said that, another big relief that a common man expects to increase their disposable
01:56income to meet the daily expenses is, you know, tax rate cuts, higher deductions, higher
02:04income tax exemptions.
02:06If you see under the old tax regime, you know, still the government offers a lot of deductions
02:13for investments into, you know, various insurance schemes, various mutual funds under Section
02:1980C, which is currently not available under the new tax regime.
02:23It allows deductions for health insurance premium.
02:27So in this budget, to make the new tax regime more attractive, we are expecting that the
02:33government will, as it has been doing in the past, bring these new deductions in the newer
02:40tax regime also.
02:42This will, you know, go a long way to enhance demand and supply in the economy, which will
02:49in turn have a multiplier effect, ensuring higher growth, more employment opportunities
02:54for the youth.
02:55Right.
02:56Right.
02:57Income tax, you know, let's address the elephant in the room.
03:02So this is hugely talked about.
03:04And some of our sources have said that, you know, people with annual income of less than
03:0915 lakhs may get more income tax relief in the upcoming budget.
03:14What is your view on that?
03:17You know, there have been, you know, loud whispers in the corridors around this initiative
03:23from the government.
03:25If I talk about the current scenario, under the new tax regime, people falling within
03:32the income bracket of 7.5 lakhs do not effectively pay any taxes because of lower income tax
03:39rates and, you know, the simpler processes.
03:42However, people who fall within the income bracket of above 15 lakhs, high debt worth
03:48individuals, they end up paying at least 33% in direct taxes.
03:53And in addition to that, around 20% in indirect taxes, which is significantly high.
03:59If we talk from the global scenario, India is amongst the highest taxed countries in
04:05the world.
04:06Many other countries like Singapore, USA, Canada, Dubai, they have a lot of flexibility
04:13in the tax regimes in terms of determining the tax liability on the basis of number of
04:18earning members in the family, number of dependents, etc.
04:22While in India, the tax rate largely remains the same.
04:27And the highest contributor to the government exchequer are people who are falling within
04:33the income bracket of above 15 lakh rupees.
04:37Therefore, like I said earlier, and we have also seen a trend of high net worth tax individual
04:44moving to more favoured tax nations like Singapore and Dubai.
04:49So the government has understood this trend.
04:52And in this budget, we are expecting the finance minister to introduce a tax rate cut for high
05:01net worth tax individuals or to say for people falling in the income bracket above 15 lakh
05:07rupees.
05:08That's going to be the headline of the show.
05:11I think that we are expecting some kind of relief, some kind of cut, tax rate cut.
05:17Moving forward, this old tax regime, new tax regime, do you think that the old tax regime
05:23will be changed, abolished in the upcoming budget?
05:28What are your views?
05:30See, the way the recommendations have moved to the finance ministry during the pre-budget
05:36consultations, it seems like for this year, at least the government will continue with
05:42the dual tax regime and bring more deductions within the new tax regime to make it more
05:48attractive.
05:49But the old tax regime for now is not phasing out, at least for this year.
05:54Right, right.
05:55Okay.
05:56And before I let you go, Kritashna, one more very important question.
06:01We spoke about how common man could get a little bit more tax relief, but benefits to
06:09corporates, how do you think it will trigger down to common man in the upcoming budget
06:15if some reliefs are given, some benefits are given to the corporates?
06:19Right.
06:21You know, the cost of goods and services in the economy has a direct impact on a common
06:29man's pocket.
06:31Therefore, the need of the hour from the corporate sector has been, you know, to bring more certainty
06:38in the tax regime, to bring more clarifications in the tax provisions in the law, so that
06:45the corporate sector expects that, you know, they're not one fine day given a huge, given
06:53a tax notice with huge tax demand, because, you know, any uncertainty on the corporate
06:58sector will ultimately trickle down to the common man in terms of increase in the cost
07:04of goods and services.
07:05Therefore, the industry associations, the trade associations have, you know, vehemently
07:12requested the finance minister this time to ensure that there are no retrospective
07:17amendments made in the law, which, you know, provides uncertainty, creates uncertainties
07:23amongst the domestic players in the market and also the international investors.
07:29Secondly, what we are expecting for the corporate sector is that there are still huge litigation
07:36pendings for the pre-GST regime, though under the GST regime, the government has tried to
07:44bring out amnesty scheme.
07:46Hence, however, there is still a need for a consolidated amnesty scheme at the central
07:53level, which can help corporates to settle their pre-GST disputes, you know, because
08:02any kind of tax demand does not reflect well upon the financial statements and upon the
08:08markets.
08:09Therefore, we are expecting that the government will roll out amnesty scheme at the central
08:15level, which will be later incorporated at each state to give relief from the old tax
08:20demands.
08:21Another front is, you know, we need to make our domestic industry more competitive in
08:26the international market, especially considering the way the political situation is moving
08:32in the global economy, right?
08:34So, we are expecting that the government will increase the coverage of the production-linked
08:40incentive schemes to cover more sunrise sectors in the economy, would provide higher export
08:47benefits, etc.
08:49And these benefits ultimately will have an impact on, you know, the cost of goods and
08:55services which ultimately are consumed by the common man.
08:59Hence, you know, a lot of suggestions have been made.
09:02Let's see which all of these suggestions actually, you know, make a way to the finance bill.
09:09Kritashna, this was extremely insightful and some of your comments, I'm sure, you know,
09:13it will make it to the headlines of many stories that probably we are publishing and, you know,
09:20viewers will also understand.
09:22Thank you so much for joining us, viewers.
09:25That was Kritashna More, Head of Tax, Vedanta Aluminium.
09:29Thank you, Kritashna, for joining us.
09:32Thank you, Shruti, for having me here.