Quick Summary
In anticipation of the Union Budget 2025, leading industry bodies have urged the finance ministry to streamline the tax deducted at source (TDS) structure, aiming to reduce the compliance burden and minimize litigation for taxpayers, as per reports. Industry representatives, including the Federation
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FAQ :
They want to reduce the compliance burden for taxpayers, minimise litigation arising from complex interpretations, and avoid cash flow disruptions caused by blocked funds.
The Income Tax Act currently mandates TDS on 37 distinct categories of payments.
FICCI suggests a three-tier structure: Salaries taxed as per income slabs, Lotteries and Online Games at the maximum marginal rate, and standard rates for other payments.
CII recommends normal income tax slab rates for salaried individuals, a 30% rate for lottery and horse racing winnings, reduced rates of 2-4% for most other payments, and an exemption list for certain groups.
FICCI has proposed the creation of a specialised, independent forum for time-bound, expert-led dispute resolution to help taxpayers resolve issues more efficiently.
Yes, industry bodies are also calling for the removal of the Securities Transaction Tax (STT) to lower transaction costs.
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