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* “The much-needed ask from senior citizens to increase the withholding tax limit on interest income is accepted and now it is proposed to increase the threshold limit from the existing INR 50,000 to INR 1 lakh. This will leave a larger portion of disposable income in the hands of senior citizens, rather than them having to wait for the refund of taxes paid.”

* “Rationalisation of levy of TCS on LRS by increasing the limit from the existing INR 7 lakh to INR 10 lakh would increase the base for exemption and increase compliance. Also, exempting the TCS on payments made for education purposes via specified financial institutions will ease the burden on students planning to study abroad with minimal tax compliance processes.”

* “The proposal to set up a high-level committee to revisit the existing current regulations will usher in the much-needed investor comfort and confidence in carrying business in India. The regulations are expected to be light-touch-based, technology-driven, trust-based, globally-competent and people-friendly.”

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