Budget Wishlist News

The section offers tax exemptions on the capital gains earned from the sale of any asset if the proceeds are reinvested in a residential property.

Rajan highlighted the importance of improving education and healthcare services in India.

Restoring the commuted portion of the pension after 12 years instead of the current 15 is among the union's key demands.

Additionally, in the health insurance category, there should be a larger deduction limit for health insurance premiums in Section 80D of the Income Tax, says Insurance sector. 

Financial transactions where a PAN is not provided are currently liable to 20 percent TDS. Some banks want the Income Tax Act to be changed in order to eliminate the confusion and needless duplication that the current system causes. According to banks, Aadhaar numbers are pre-populated into practically all individual accounts.

AIE also wants payment of salaries to the interns. The association wants to bring SIDBI under MSME. The AIE demands the abolition of capital gains tax on properties sold by micro-entrepreneurs.

Consultancy firm PwC has called for removal of minimum alternate tax (MAT) in the coming budget as a sop for the IT industry.

The India Pharmaceuticals Association (IPA) urged the Finance Ministry to come up with a policy framework with regard to incentives to drug innovation and ease dependence on import of essential APIs (Active pharma ingredients) from China.

Realtors body CREDAI Monday sought tax incentives on development of affordable housing projects and interest rate reduction on home loans to below 7 percent in their budget wish-list to boost growth in the sector.

FHRAI also said the GST should subsume, without any exceptions, all central and state-level indirect levies (including luxury tax, entry tax etc) and a composite tax rate applicable to the tourism sector under GST to be capped at 8 percent.