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
ITAT power to pass such orders "as it thinks fit" implies a judicial discretion to be exercised within the parameters…
Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make…
ICAI has extended the last date to online submit Multipurpose Empanelment Form (MEF)- 2026-27 from 29th August 2026 to 9th…
Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order…
The issue already examined and adjudicated by the quasi-judicial authority, i.e., CIT(Appeals), cannot be reopened on the same set of…
One TDS is deducted, credit has to follow, failure of deductor to deposit the amount to the credit of the…