Stay updated
The Association of Mutual Funds of India has urged the government to reconsider tax proposals on capital gains in equities and debt instruments in the Union budget 2024 introduced last week.
Expert CMA Anil Sharma, an TIOL Awardee (2021) deliberated on Decoding Indirect Tax in Budget 2024
Speaker CMA Anil Sharma, an TIOL Awardee (2021) deliberated on Decoding Direct Tax in Budget 2024 at Bhilai Steel Plant, Bhilai on 28.07.2024.
Budget 2024 increased the Securities Transaction Tax (STT) on all futures and options (F&O) contracts traded on recognised stock exchanges.
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.
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.
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:
The term ‘waiver’ is typically understood as a voluntary relinquishment or abandonment of a known existing legal right.
Section 128A, proposed in the budget today, waives interest and penalty on the payment of tax and is made effective from July 2017.
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.
