The Budget 2024 has proposed to lower the higher tax deduction for individuals. As per the announcement, individuals who have paid TCS on foreign remittances, foreign travel and purchase of car etc. can now inform the same to their employer to reduce their TDS on salary.
The oil and gas industry is expecting policy announcements and investment schemes aimed at increasing domestic production and bringing required changes in the tax structure in the upcoming Union Budget, set to be announced on July 23.
CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the decisions taken at the GST Council meeting last month, like amnesty scheme for initial years of rollout and sunset date for profiteering complaints, will be incorporated into the Finance Bill to be tabled in Parliament, along with the Budget later this month.