Budget 2024: Deloitte India unveils tax changes impacting sovereign wealth funds and pension funds

According to Rajesh Gandhi, Partner, Deloitte India, the recent budget brings unexpected extensions in tax benefits, including exemptions for sovereign wealth funds, pension funds, and startups. Notably, aircraft leasing companies and banks also receive additional time for specific exemptions. However, no extension is granted to the tax rate for new manufacturing companies. Other changes involve clarifications on Tax Collected at Source (TCS) and the withdrawal of demands, benefiting around one crore taxpayers. Industry expectations for the full budget include calls for the extension of the sunset clause, tax incentives for specific sectors, withdrawal of the equalisation levy, and a simplified framework for private equity and venture capital investments.