Budget 2024: Why crypto F&O investors are happy – No STT, no TDS, no 30% tax
Budget 2024 increased the Securities Transaction Tax (STT) on all futures and options (F&O) contracts traded on recognised stock exchanges.
Category: Budget-II 2024-25
Extra liquidity is available for taxpayers under the tax new regime
The Union Budget has been a subject of intense scrutiny this year, with particular focus on the government’s approach to stimulating consumption. While there was no explicit, large-scale consumption boost, the Finance Minister argued that the tax reforms introduced in the budget indirectly serve this purpose.
Property owners will now have to pay more tax as Budget 2024 plugs loophole
The Union Budget 2024 has introduced an important change in the taxation of rental income from residential property. To curb tax evasion, Finance Minister Nirmala Sitharaman has mandated that such income can only be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category.
Finance Bill 2024; GST perspective
The Finance Bill, 2024 has been tabled in Parliament and is likely to get passed without amendments, honouring the recommendations of the GST Council. Below are the important features of this bill that taxpayers should be aware of:
Relief in the recent finance budget from interest and penalty: A waiver of what?
The term ‘waiver’ is typically understood as a voluntary relinquishment or abandonment of a known existing legal right.
Section 128A, proposed in the budget waives interest and penalty on the payment of tax
Section 128A, proposed in the budget today, waives interest and penalty on the payment of tax and is made effective from July 2017.
How Budget proposes to change the tax structure & rules for ‘gifts’
Corporate restructuring and reorganisations often involve transactions where assets such as shares of another company are transferred without consideration, typically regarded as ‘gifts’. These transactions have historically enjoyed tax exemptions for the donating entity under section 47(iii) of the Income Tax Act, ToI reported.
Notes on Clauses issued by Income Tax Department
Notes on Clauses issued by Income Tax Department
Highlights on Major Changes in GST Proposed in Finance Bill 2024
Author has presented the analysis on section 16, 39, 70, 73, 74, 74A, 107, 112 128A which is amended in the Budget 2024.
Budget 2024: Wait for tax refund may irk you more
This is one budget proposal that may disappoint taxpayers. Not only has the period of withholding of tax refund been extended, but you may also lose out on interest paid for a delayed refund.