The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries.
The
upcoming Budget
2019 may hike the tax exemption limit for individuals from the
current Rs 2.5 lakh and introduce a higher 40 per cent tax on those
with income above Rs 10 crore, a KPMG survey said.
The
pre-Budget survey 2019-20 conducted by KPMG (India) included
responses from 226 respondents spanning across industries.
A
whopping 74 per cent of the respondents felt that exemption threshold
of personal income tax would be hiked from Rs 2.5 lakh, while 58 per
cent said the government would consider a new 40 per cent tax slab
for the 'super rich' -- those earning above Rs 10 crore.
While
only 13 per cent of respondents feel that inheritance tax would be
brought back, 10 per cent felt there are chances of re-introduction
of wealth tax/estate duty, the survey said.
To
boost housing demand, 65 per cent of respondents felt the Budget may
increase the tax deduction limit for interest on housing loan for
self-occupied properties from the present Rs 2 lakh.
Also,
51 per cent said the government could carve out deduction for
repayment of housing loan principal from the existing overall
deduction limit of Rs 1.5 lakh under Section 80C.
However,
53 per cent of the respondents do not expect Finance Minister Nirmala
Sitharaman to make any major direct tax amendments in the Budget
to be unveiled on July 5.
Also,
46 per cent of those surveyed felt corporate tax rate will not be cut
to 25 per cent for all companies as was demanded by industry chambers
in their pre-Budget meeting with Sitharaman.
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