Income tax restructuring may raise exemption thresholds and reshape slabs, easing the tax burden for salaried taxpayers.
Proposed Income Tax Restructuring contemplates raising the basic exemption limit and realigning personal tax slabs consistent with the Direct Taxes Code, aimed at increasing disposable income; concurrently, the Budget signals no immediate further hike in iron ore export duty while considering incentives-including tax holidays and support for pelletisation-to promote domestic value addition; sector-specific fiscal measures are expected for electric and hybrid vehicle manufacturing through duty reductions, subsidies and infrastructure/R&D incentives, alongside broader reform priorities like GST and DTC implementation. (AI Summary)