Fine Print Analysis: Finance Bill, 2024
- Comprehensive Review of Income Tax Act, 1961 - proposed to be completed in 6 months
- 2 tax exemption regimes for charities are proposed to merged into one
- TDS rate on e-commerce operators to be reduced from 1% to 0.1%
- Credit of TCS to be given in the TDS to be deducted on salaries
- Proposes to simplify reopening and re-assessment - reducing the time period
- SOP for TDS defaults, simplify and rationalise compounding guidelines
- FM: Simplification and Rationalisation of Capital Gains
- Re-assessment in search cases reduced to 6 years from 10 years before date of search
- STCG on certain financial assets to attract 20% tax
- LTCG all financial and non-financial gains - 12.5%
- Listed financial assets held for more than 1 year classified as long term
- Limit of exemption on LTCG on certain assets increased to 1.25 lakhs
- Announces Vivaad se Vishwas Scheme 2024
- To dispose of backlogs of first appeal, plan to deploy more officers
- Expand the scope of "safe harbor" rules
- Proposes to increase monetary limits for filing appeals
- To bolster Indian startup ecosystem : Abolish Angel tax for all classes of tax
- To streamline TP assessment procedure
- Simpler tax regime for foreign shipping cos. operating domestic cruises in the country
- Propose to reduce corporate tax on foreign cos. from 40% to 35%
- STT on F&O is increased 0.2% & 0.1%
- Proposes to tax income from buyback
- Non-reporting of movable assets of upto Rs. 20 Lacs proposed to be de-penalised under IBC
- Withdrawal of Equalisation Levy
- Personal IT rates – under the new tax regime – Standard deduction for salaried employees to increase from Rs. 50K to 75K
- Revises tax structure under New Regime
As the countdown starts to Modi 3.0's first budget, Taxsutra in conjunction with Tax Compaas, is thrilled to bring to you the results of a comprehensive pre-budget survey. Our aim was to engage Tax Leaders in Companies from diverse sectors of the industry in a dialogue that informs and influences the formulation of policies that will define our tax landscape in the coming year.
The survey consisted of questions on tax administration, corporate and personal taxation and industries’ views towards tax related changes and initiatives introduced in the recent years. Some of the questions touch upon administrative policies and the suggestions do not require an amendment as such, however, are changes needed for ease of doing business in India.
This report aims to encapsulate key findings from this survey.
Click here to access the results of this exclusive pre-budget survey by Taxsutra and Tax Compaas.
