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6 Income Tax Changes Effective from Oct 1, 2024
Revised TDS rates, STT, Aadhaar card rules: 6 income tax Budget 2024 changes applicable from October 1, 2024:
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Clarification to the New ITCC
The Central Board of Direct Taxes (CBDT) has issued a clarification addressing recent misinformation regarding the need for an income-tax clearance certificate (ITCC) for Indian citizens travelling abroad. Contrary to recent reports, all Indian citizens don’t need to obtain an ITCC before leaving the country.This section, originally enacted through the Finance Act, of 2003, pertains to the circumstances under which a tax clearance certificate must be obtained by persons domiciled in India. The recent amendment merely adds references to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, ensuring that liabilities under this Act are
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New Tax Clearance Certificate Requirement
Understanding the New Tax Clearance Certificate Requirement for Indians Travelling abroad New government laws need a tax clearing certificate from October 1, 2024. Understand the ramifications of the harsher exit norms, including amendments to the Black Money Act. Ensure a hassle-free travel by remaining informed. Starting from 1 October 2024, the Government of India has introduced new regulations requiring all Indian citizens to obtain a Tax Clearance Certificate (TCC) before leaving the country. This measure aims to ensure compliance with tax obligations and prevent tax evasion. Key Points of the New Rules 1.Who Needs the Tax Clearance Certificate? All Indian
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Most imp GST proposal
Section 73 and 74 proposed to be deleted…applicable only till 2023-2024 New Section 74A added for assessments from 2024-2025 onwards in place of section 73 and 74 Time limit to issue SCN is 42 months from due date of GSTR-9 Fraud, wilful misstatement and suppression will be invoked for penalty Proper officer to pass the order in 12 months from date of issuance of SCN No penalty if tax and interest paid within 60 days from date of SCN- applicable for cases where penalty is levied for reasons other than fraud etc.. In case of fraud, suppression etc..Reduced Penalty shall
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Key Income Tax Changes in Union Budget 2024
Income Tax Proposal in Union Budget – 2024 Limit of exemption at capital gains proposed at Rs 1.25 lakh a yearSTT on F&O hiked to 0.02% and 0.1%Corporate tax rate on foreign companies reduced to 25%Limit of LTCG hiked from 10% to 12.5%Short term gains on certain financial assets will be 20 percent, rest is applicable tax rateLong term capital gains will be 12.5 percentListed financial assets held for more than a year will be classified as long termTDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percentTax rate of 20 per cent on certain assets.
