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 led NDA Government where BJP lacks the majority in the Lok Sabha and perhaps that this could be clearly visible in the budget proposals for various sectors, direct and indirect taxation.
Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live
(A). GST to be simplified
(B) Income Tax
1. Comprehensive review of the Income Tax Act 1961 to be done in 6 months
2. Simplification of Charity and TDS
3. Rationalisation of Capital Gains – STCG
4. Angel Tax abolished
5. Deepening of Tax Base
6. Personal Income Tax Rates
For those who are opting for New New Tax Regime – Standard deduction increased from Rs. 50,000 to Rs. 70,000. Deduction on Family Pension increased from Rs. 15000/- to Rs. 25000/-
Change in Tax structure for New Tax Regime
First-time experience in filing appeal was a reasonable and bona fide cause for delay – ITAT condoned delay In a…
Mere nondisclosure of place of destination in the documents cannot be a ground for seizure u/s 129 of GST Act.…
Imposition of exorbitant interest in contemporary commercial practices not against the fundamental policy of Indian Law, or against the morality…
Assessees was not required to prove the “source of the source‟ of funds received as unsecured loans Prior to the…
The contention that during the pendency of case before settlement commission, the assessee must give up his right to contest…
Entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions may only…