People are expecting the Indian Government to revise the existing tax slab. Expectations are the highest tax rate of 30% be reduced to 25% and the threshold limit to be increased from Rs.10 lakh to Rs.20 lakh.
Speculations are that the Government might increase the cap on 80C, 80D, 80EEA & 80EEB deductions to incentivise the lower and middle-class - the worst affected group during the pandemic.
Currently there are no tax benefits on personal loans. However, personal loans and education loans account for 35% share in the overall credit basket. According to certain media houses, consumers are expecting tax relief on interest paid towards personal loans.
Experts anticipate that the government will take steps to encourage partnerships between banks and gold loan companies to make gold loans available to underserved communities in India.
The Govt. has been vocal about the need of Electric Vehicles. Consumers can get tax deduction under Section 80EEB on the interest paid toward EV loan. It’s safe to say that the Govt. good launch more initiatives to ramp up EV production.
Real estate dealers expect a slight decrease in the Goods and Services Tax (GST) on building materials such as cement and steel
Solar installation in India has a long way to go. To meet the 2030 solar mission target, the Government needs to provide tax benefits and subsidies for companies installing solar panel plants and for taxpayers installing solar rooftop power systems.
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