Budget 2024

Provisions and Amendments Relating to Budget 2024.

Changes Brought About in Capital Gains in the Finance (No.2) Bill, 2024

Knowledge Base /

The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax regime in India. These changes aim to simplify and rationalize the taxation process, addressing holding periods, tax rates, and various asset treatments. This article provides an in-depth analysis of the proposed changes and their implications for taxpayers. Key Changes in […]

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FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget 2024-25 – (Press Release by PIB)

PIB Press Release /

Ministry of Finance FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget 2024-25 Posted On: 23 JUL 2024 1:14PM by PIB Delhi FREQUENTLY ASKED QUESTIONS (FAQs) Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024? Ans. The taxation of

FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget 2024-25 – (Press Release by PIB) Read More »

Government Makes New Tax Regime More Attractive Under Budget 2024-25 (Press Release by PIB)

PIB Press Release /

Ministry of Finance GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE STANDARD REDUCTION INCREASED FROM Rs. 50,000 TO Rs. 75,000 SALARIED EMPLOYEE STANDS TO SAVE UP TO Rs. 17,500 Posted On: 23 JUL 2024 1:14PM by PIB Delhi Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime

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Capital Gains Taxation Simplified and Rationalised under Budget 2024-25-Press Release by PIB

PIB Press Release /

Ministry of Finance CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED SHORT TERM GAINS TO ATTRACT A TAX RATE OF 20 PER CENT AND LONG TERM GAINS TO ATTRACT A TAX RATE OF 12.5 PER CENT LIMIT OF EXEMPTION OF LONG TERM CAPITAL GAINS ON FINANCIAL ASSETS INCREASED FROM Rs. 1 LAKH TO Rs. 1.25 LAKH PER

Capital Gains Taxation Simplified and Rationalised under Budget 2024-25-Press Release by PIB Read More »

Highlights of The Union Budget 2024-25 – Press Release by PIB

PIB Press Release /

Ministry of Finance HIGHLIGHTS OF THE UNION BUDGET 2024-25 Posted On: 23 JUL 2024 1:17PM by PIB Delhi The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows: Part-A : Budget Estimates 2024-25: Total receipts other than borrowings:

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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024

PIB Press Release /

Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 04th April, 2024 PRESS RELEASE Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024 Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25

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Amendment of Goods and Services Tax (Compensation to States) under Finance Bill (No.2), 2024.

Budget & Finance 2024 /

Insertion of new section 8A. 153.  In the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017.), after section 8, the following section shall be inserted, namely: — Power not to recover cess not levied or short-levied as a result of general practice. “8A. Notwithstanding anything contained in this Act, if the Government

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Amendment of Sections (Union Territory Goods and Services Tax-UTGST) under Finance Bill (No.2), 2024.

Budget & Finance 2024 /

Amendment of section 7. 151.  In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter referred as the Union Territory Goods and Services Tax Act), in section 7, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and un-denatured extra neutral alcohol or rectified spirit which is

Amendment of Sections (Union Territory Goods and Services Tax-UTGST) under Finance Bill (No.2), 2024. Read More »

Amendment of Sections (Integrated Goods and Services Tax-IGST) under Finance Bill (No.2), 2024.

Budget & Finance 2024 /

Amendment of section 5. 147.  In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter referred to as the Integrated Goods and Services Tax Act), in section 5, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and undenatured extra neutral alcohol or rectified spirit used for manufacture

Amendment of Sections (Integrated Goods and Services Tax-IGST) under Finance Bill (No.2), 2024. Read More »

Amendment of Sections (Central Goods and Services Tax-CGST) under Finance Bill (No.2), 2024.

Budget & Finance 2024 /

Amendment of section 9. 110.  In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter referred to as the Central Goods and Services Tax Act), in section 9, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and un-denatured extra neutral alcohol or rectified spirit used for manufacture

Amendment of Sections (Central Goods and Services Tax-CGST) under Finance Bill (No.2), 2024. Read More »

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