For professionals and those providing technical services, the current TDS rate of 10% proves to be quite the financial burden. Reducing their disposable income at hand, the current TDS limits the purchasing power of many consumers, a feat that India is desperately in need of, to revitalize its economy. Moreover, this only increases the burden of applying for refunds, since most taxpayers do not fall in that higher tax bracket. Thus, a reduced TDS rate of 5% would do a whole lot of good for India’s taxpayers.
The aforementioned ideas may appear to be far-reaching, but in the long run, they will prove fruitful if implemented in Budget 2020. It waits to be seen if Budget 2020 will live up to taxpayers’ expectations and provide some much-needed relief.
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