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Bill - Highlights / Catch Notes

Home Highlights July 2024 Year 2024 This

Income Tax: Certain persons or classes of persons, including ...


Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '24.

Notes     Bill

July 28, 2024

Income Tax: Certain persons or classes of persons, including institutions, associations, or bodies, whose income is exempt from taxation and not required to file returns, face difficulties due to tax collection at source (TCS) on transactions. The proposal aims to empower the Central Government to notify such entities as exempt from TCS or subject to lower TCS rates for specified transactions. The amendment will take effect from October 1, 2024.

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