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Budget 2024 proposes a higher tax on certain capital gains for non-residents. However, it has also proposed to reduce on certain assets. The new tax rate will apply only on transfers made on or after July 23, 2024. The revision is aimed at bringing parity between resident and non resident taxation structure.
The 2024 budget has increased the securities transaction tax (STT) on Futures & Options (F&O) of securities to 0.02 percent and 0.1 percent respectively and income receipts from share buybacks would be taxed in the hands of beneficiaries.
It is proposed that TDS under section 194DA of the Act be reduced from 5% to 2%” says explanatory memorandum of budget 2024.
Author has expressed his views on the new section 128A which provides for the waiver of interest or penalty for certain tax in the PPT attached.
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.
In a bid to bolster the Indian startup ecosystem, the Centre today announced the abolishment of angel tax for all classes of investors.
If you own a house, which you are planning to sell, it is likely that you will end up paying more tax on the transaction from now own. As a key change comes into effect post the union budget tabled by Finance Minister Nirmala Sitharaman, capital gains tax on sale of real estate assets like homes would be higher for most owners.
The Union Finance Minster Nirmala Sitharaman on Tuesday presented the Union Budget 2024 in Parliament focused on several areas inducing the agriculture, manufacturing, and services sectors.
The Union Budget 2024, presented by Finance Minister Sitharaman on Tuesday, introduced several significant changes to income tax rules that will have a direct impact on the finances of individuals. Let’s look into the various tax measures that were introduced, modified, or removed.
In a landmark move set to redefine India’s tax landscape, the Finance Minister’s Budget 2024 presentation in Parliament unveiled a game-changing addition to the Goods and Services Tax (GST) framework.