TMI Short Notes

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

1. Rates of income-tax in respect of income liable to tax for the assessment year 2024-25.

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2. Rates for deduction of income-tax at source during the financial year (FY) 2024-25 from certain incomes other than “Salaries”.

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3. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).

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4. Individual, HUF, association of persons, body of individuals, artificial juridical person. [Rates for deduction of income-tax at source (TDS) from “Salaries”, computation of “advance tax” during the FY 2024-25 (Assessment Year 2025-26)]

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5. Co-operative Societies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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6. Firms [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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7. Local authorities [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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8. Companies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

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9. Increase in Standard Deduction and deduction from family pension for taxpayers in tax regime

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10. Increase in amount allowed as deduction to non-government employers and their employees for employer contribution to a Pension Scheme referred in section 80CCD

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11. Tax incentives to International Financial Services Centre (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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12. Amendment of Section 56 of the Act (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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13. Promotion of domestic cruise ship operations by non-residents (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)

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14. Introduction of block assessment provisions in cases of search under section 132 and requisition under section 132A (SIMPLIFICATION AND RATIONALISATION)

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15. Rationalisation of provisions relating to assessment and reassessment under the Act (SIMPLIFICATION AND RATIONALISATION)

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16. Rationalisation of provisions relating to period of limitation for imposing penalties (SIMPLIFICATION AND RATIONALISATION)

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17. Amendment in provisions relating to set off and withholding of refunds (SIMPLIFICATION AND RATIONALISATION)

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18. Rationalisation of the time-limit for filing appeals to the Income Tax Appellate Tribunal (SIMPLIFICATION AND RATIONALISATION)

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19. Merger of trusts under first regime with second regime ((Rationalisation of the provisions of Charitable Trusts and Institutions))

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20. Condonation of delay in filing application for registration by trusts or institutions (Rationalisation of the provisions of Charitable Trusts and Institutions)

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21. Rationalisation of timelines for funds or institutions to file applications seeking approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions)

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22. Rationalisation of timelines for disposing applications made by trusts or funds or institutions, seeking registration for exemption under section 12AB or approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions)

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23. Merger of trusts under the exemption regime with other trusts (Rationalisation of the provisions of Charitable Trusts and Institutions)

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24. Inclusion of reference of clause (23EA), clause (23ED) and clause (46B) of section 10 in sub-section (7) of section 11 (Rationalisation of the provisions of Charitable Trusts and Institutions)

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25. Rationalisation and Simplification of taxation of Capital Gains

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26. Amendment to definition of Specified Mutual Fund under section 50AA (Rationalisation and Simplification of taxation of Capital Gains)

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27. Rationalisation of Tax Deducted at Source rates (Rationalisation and Simplification of taxation of Capital Gains)

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28. Section 194D - Payment of insurance commission (Rationalisation and Simplification of taxation of Capital Gains)

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29. ​​​​​​​Section 194DA - Payment in respect of life insurance policy (Rationalisation and Simplification of taxation of Capital Gains)

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30. Section 194G – Commission, etc on sale of lottery tickets (Rationalisation and Simplification of taxation of Capital Gains)

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31. Section 194H - Payment of commission or brokerage (Rationalisation and Simplification of taxation of Capital Gains)

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32. Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification of taxation of Capital Gains)

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33. Section 194M - Payment of certain sums by certain individuals or Hindu undivided family (Rationalisation and Simplification of taxation of Capital Gains)

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34. Section 194-O - Payment of certain sums by e-commerce operator to e-commerce participant (Rationalisation and Simplification of taxation of Capital Gains)

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35. Section 194F - TDS on payments on repurchase of units by mutual fund or UTI (Rationalisation and Simplification of taxation of Capital Gains)

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36. Ease in claiming credit for TCS collected/TDS deducted by salaried employees

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37. Alignment of interest rates for late payment to Government account of TCS

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38. Increase in limit of remuneration to working partners of a firm allowed as deduction

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39. Claiming credit for TCS of minor in the hands of parent

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40. Tax on distributed income of domestic company for buy-back of shares (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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41. Revision of rates of securities transaction tax by amendment to the Finance (No.2) Act, 2004 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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42. Reporting of income from letting out of house property under ‘Income from House Property’ (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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43. Amendment of section 47 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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44. TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partners (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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45. TCS under sub-section (1F) of section 206C on notified goods (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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46. Amendment of provisions of TDS on sale of immovable property (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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47. Tax Deduction at source on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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48. Preventing misuse of deductions of expenses claimed by life insurance business (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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49. Inclusion of taxes withheld outside India for purposes of calculating total income (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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50. Excluding sums paid under section 194J from section 194C (Payments to Contractors) (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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51. Disallowance of settlement amounts being paid to settle contraventions (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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52. Amendment of Section 55 of the Act (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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53. Direct Tax Vivad se Vishwas Scheme, 2024 (TAX ADMINISTRATION)

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54. Amendment of provisions related to Equalisation Levy (TAX ADMINISTRATION)

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55. Amendments in section 42 and 43 of the Black Money Act, 2015 relating to penalty for failure to disclose foreign income and asset in the ITR (TAX ADMINISTRATION)

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56. Amendments proposed in section 276B of the Act for rationalisation of provisions (TAX ADMINISTRATION)

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57. Reducing time limitation for orders deeming any person to be assessee in default (TAX ADMINISTRATION)

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58. Widening ambit of section 200A of the Act for processing of statements other than those filed by deductor (TAX ADMINISTRATION)

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59. Extending the scope for lower deduction / collection certificate of tax at source (TAX ADMINISTRATION)

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60. ​​​​​​​Notification of certain persons or class of persons as exempt from TCS (TAX ADMINISTRATION)

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61. Time limit to file correction statement in respect of TDS/ TCS statements (TAX ADMINISTRATION)

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62. Penalty for failure to furnish statements (TAX ADMINISTRATION)

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63. Submission of statement by liaison office of non-resident in India (TAX ADMINISTRATION)

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64. Determination of Arms Length Price in respect of specified domestic transactions in proceedings before Transfer Pricing Officer (TAX ADMINISTRATION)

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65. Discontinuation of the provisions allowing quoting of Aadhaar Enrolment ID in place of Aadhaar number (TAX ADMINISTRATION)

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66. ​​​​​​​Amendments in sections 245Q and 245R related to Advance Rulings (TAX ADMINISTRATION)

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67. Powers of the Commissioner (Appeals) (TAX ADMINISTRATION)

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68. Amendment of section 271FAA to comply with the Automatic Exchange of Information (AEOI) framework (TAX ADMINISTRATION)

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69. Amendment to include the reference of Black Money Act, 2015 for the purposes of obtaining a tax clearance certificate (TAX ADMINISTRATION)

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70. Rationalisation of provisions related to time-limit for completion of assessment, reassessment and recomputation

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71. Amendment of Section 80G (TAX ADMINISTRATION)

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72. Removing reference to National Housing Board in Section 43D of the Act (TAX ADMINISTRATION)

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73. Adjusting liability under Black Money Act, 2015 against seized assets (TAX ADMINISTRATION)

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74. Amendment of Section 24 of the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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75. Insertion of Section 55A in the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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76. AMENDMENTS TO THE CUSTOMS ACT, 1962

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77. AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975

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78. AMENDMENTS TO THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

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79. CUSTOMS - OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

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80. CUSTOMS - OTHER MISCELLANEOUS AMENDMENTS

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81. Amendment of Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995

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82. Customs - Other notification changes

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83. Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

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84. Customs - Review of exemptions prescribed by other notifications:

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85. CUSTOMS DUTY EXEMPTIONS / CONCESSIONS BEING ALLOWED TO LAPSE

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86. CUSTOMS - SOCIAL WELFARE SURCHARGE (SWS)

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87. CUSTOMS - AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)

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88. Amendment of Central Excise Notification

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89. AMENDMENTS IN THE CGST ACT, 2017

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90. AMENDMENTS IN THE IGST ACT, 2017

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91. AMENDMENTS IN THE UTGST ACT, 2017

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92. AMENDMENTS IN THE GST (Compensation to States) Act, 2017

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