Finance Guru - CA AK Sabat

CA AK Sabat expressed several points about Budget 2025 expectations last evening (31 Jan 2025)
His analysis is correct. Govt of India has thought of the middle class.
Many points are included in

Thank you, Team ETV Bharat Odisha for the coverage.

Views of Sri AK Sabat, Chartered Accountant regarding Appeals in Income Tax Tribunal-

Views of CA AK Sabat about Union Budget 2024 shared on OTV today.

It was my good fortune to be invited to the "Post Budget Interaction" of First Budget in AmritKaal, held on 17 Feb, 2023, at Mayfair Convention, Bhubaneswar.

Brief summary of my questions and observations made to the Hon'ble FM Nirmala Sitharaman Mam & her Team Ministry of Finance, Government of India , during the session:
1) I have been analysing Budgets since the last 50 years, and this is one of the best Budgets for present and future growth of the nation. The message is given clearly in this Budget.
2) We will remain as the winning horse, leaving behind all other countries, as our growth will definitely remain above 7% as per this Budget.
3) To be considered before passing of the Budget 2023, I have a few points to share:

a) Under New Tax Regime, you have made the exemption limit as Rs 7 Lakhs. If income becomes Rs 7 Lakh 100 Rs or 1000 Rs, then there is no marginal relief given. All of a sudden, the taxpayer has to pay Rs 25000 tax. I request your team to consider whether marginal relief concept can be introduced.

b) For senior citizens, the limit of Savings Scheme has been increased Rs 15 Lakhs to 30 Lakhs and in Post Office Monthly Income Scheme, it is increased to Rs 9 Lakhs/15 Lakhs from existing limits of Rs 4.5 Lakhs/9 Lakhs - one of the best announcements. But for super senior citizens, the figure has remained as Rs 5 Lakhs since 2012, i.e. since 11 years. And in the New Tax Regime , for them, the limit has come down from Rs 5 Lakhs to Rs 3 Lakhs. Please look into it so that super senior citizens' blessings will be there for the Govt.

c) One of the best announcements made by the FM had been to increase the exemption for leave encashment to Rs 25 Lakhs from Rs 3 Lakhs fixed in 2002. However, the limits for tution fees at Rs 100 per child and hostel allowance at Rs 300 per child for 2 children were fixed in 1997. Please increase such limits to respected figure for the benefit of middle class.

d) For Capital Gains Taxation, the base date for 100 was fixed as of 1/4/2001, from earlier date of 1/4/1981. As of 1/4/2022, it is fixed by Govt at 331 by considering the inflation over last 21 years. Because of such unjustified indexation, black money is created. To avoid this, a proper and justified date can be 1/4/14 after which the Modi Govt came, and suitable inflation adjustment can be done.

A detailed note on the above issues will be submitted to the Finance Ministry, for which the Hon'ble FM has given her consent.