No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh
Budget 2024 has introduced a significant relief, as tax authorities can no longer reopen old income tax returns (ITR) beyond…
Tag: Union Budget 2024
Common time limit for issuing demand notices and orders, regardless of whether the case involves fraud, suppression, or willful misstatement
Under the self-assessment taxation regime, where tax is either not paid, short-paid, erroneously refunded, or Input Tax Credit (“ITC”) is wrongly availed or utilized—whether intentionally or unintentionally—then the proper officer may initiate action against the said registered person for the determination of tax and recovery of the said tax from the registered person.
Finance bill (No.2) 2024 on dated 16.08.2024 (Proposed Amendments to the GST Law: Key Changes and Additions)
Amendments to the Goods and Services Tax Act, 2017 (GST Act) vide Finance Budget (2) 2024
THE FINANCE (No. 2) ACT, 2024 (No. 15 of 2024)
The Parliament received the assent of the President on the 16th August, 2024 and the Finance Bill is now ‘The Finance (No. 2) Act, hereby published for general information.
Budget approved: Rajya Sabha returns appropriation and finance Bills to Lok Sabha
Parliamentary approval for the 2024-25 Budget was completed Thursday with Rajya Sabha returning the relevant pieces of legislation to Lok Sabha. This completes the Budgetary exercise for 2024-25.
Removal of 18% GST on life, health insurance
“Several suggestions have come up and I shall take up with the GST Council,” Sitharaman said on the withdrawal of 18% goods and services tax (GST) on life and health insurance premiums
Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
The Lok Sabha on Wednesday passed the Finance Bill 2024 after the central government relaxed the freshly-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit.
Rollback after criticism: Govt brings back indexation benefit on sale of property purchased before Budget
Following outrage and concerns from certain quarters over the Budget proposal to remove indexation benefits on long-term capital gains (LTCG), the government Tuesday decided to offer taxpayers a choice to pay 20 per cent LTCG tax with indexation benefit on sale of property acquired before July 23, 2024.
Notification no. 16/2024 – Central Tax dated 06.08.2024
CBIC issued Notification no. 16/2024-CT dated 06.08.2024 to hereby appoint the date of effect for sec. 11, 12 & 13 of Finance (1) Act, 2024 held in February, 2024
Govt allows flexibility in LTCG tax calculation in relief for homeowners
The government on Tuesday sought to address a significant concern stemming from the 2024-25 Budget announcement by introducing flexibility in the computation of long-term capital gains (LTCG) tax on unlisted assets, including properties.