At a session organised by the chartered accountants’ apex body ICAI to discuss the 2024-25 Union Budget in the national capital on Wednesday, a chartered accountant flagged concerns about glitches in the I-T portal.
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
FAQs issued by CBDT on the new capital gains tax regime proposed in the Union Budget 2024-25
CBDT issued Frequently Asked Questions (FAQs) on capital gain tax regime
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.
Key Highlights of Proposed Changes in the Income Tax Law in the Union Budget 2024-25 for easy digest
India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework of reporting of taxpayers’ transactions.
NRI to pay higher tax on these capital gains on assets such as listed equities
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.
Budget 2024: Securities transaction tax (STT) on F&O hiked to 0.02% and 0.1%
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.
Budget 2024 reduces TDS on life insurance policy payout from 5% to 2%
It is proposed that TDS under section 194DA of the Act be reduced from 5% to 2%” says explanatory memorandum of budget 2024.
TCS paid on foreign remittances, purchase of car can be used to lower TDS on salary
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.