Comprehensive review of Income-Tax Act, 1961 in six months ...

Income Tax reforms: Simplification, digitalization, dispute resolution scheme. TDS rationalization, higher appeal limits. STT hike, buyback tax.

News     Budget

July 23, 2024

Comprehensive review of Income-Tax Act, 1961 in six months proposed for simplification. All tax services to be digitalized and made paperless in two years. Vivad se Vishwas Scheme, 2024 announced to resolve pending income tax disputes. Reassessment period reduced, time limit for search cases curtailed. Merger of tax exemption regimes for charities, rationalization of TDS rates proposed. Monetary limits for filing appeals increased. Security Transaction Tax on futures/options hiked, income on buyback of shares to be taxed. Revenue forgone Rs. 37,000 crore, mobilized Rs. 30,000 crore.

View Source