Category: Budget 2024
Capital Gain Indexation Relief – Option of indexation on sale of properties to be incorporated in Finance Bill 2024 Government seeks to provide capital gain indexation relief for computation of capital gain tax in case of sale of properties. List of Amendments proposed to the Finance Bill 2024 …
Limit of allowable partners remuneration u/s 40(b) increased from AY 2025-26 onwards Finance Bill 2024 has increased the limit of allowable partners remuneration u/s 40(b) from AY 2025-26 onwards. Under the provisions of section 40(b) of the Income Tax Act, 1961 (the Act), the salary/remuneration paid to partners of …
Capital Gain Tax on sale of Shares, Mutual Fund Units increased. Indexing abolished Finance Bill 2024 has increased the income tax rates on Capital Gain Tax on sale of Shares, Mutual Fund Units and indexing has also been abolished. Currently, the income tax on capital gain arising on …
CIT(A) empowered to remand the best judgment cases back to the Assessing Officer for making a fresh assessment. Union Budget 2024-25 has proposed to empower the CIT(Appeals) to set aside and remand the best judgment cases back to the Assessing Officer for making a fresh assessment. Currently, CIT(A) …
Time limit of six years has been proposed to file TDS/TCS correction statement. The Union Budget 2024-25 has proposed a time limit of six years to file TDS/TCS correction statement. Currently, there is a time limit for furnishing statements detailing the TDS/TCS, however, there is no time limit …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2025-26 as per Union Budget 2024-25 Proposals The basic income tax exemption limit and tax slabs for individuals under both New Tax Regime and Old tax Regime for AY 2025-26 are as under: (A) …
Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live The Union Finance Minister MS Sitharaman shall be presenting Union Budget 2024-25 on 23rd July 2024 at 11AM. Watch live Highlights of Tax Proposals. This is the first Budget that is to be presented by the BJP …
Union Interim Budget 2024 – Disputed old income Tax demands to be withdrawn. No change in the tax slabs or rate The interim budget will be a vote-on-account and will give the present government authority to spend certain sums of money till a new government comes into office …
