- Comprehensive Review of Income Tax Act, 1961 – proposed to be completed in 6 months
- 2 tax exemption regimes for charities are proposed to merged into one
- TDS rate on e-commerce operators to be reduced from 1% to 0.1%
- Credit of TCS to be given in the TDS to be deducted on salaries
- Proposes to simplify reopening and re-assessment – reducing the time period
- SOP for TDS defaults, simplify and rationalise compounding guidelines
- FM: Simplification and Rationalisation of Capital Gains
- Re-assessment in search cases reduced to 6 years from 10 years before date of search
- STCG on certain financial assets to attract 20% tax
- LTCG all financial and non-financial gains – 12.5%
- Listed financial assets held for more than 1 year classified as long term
- Limit of exemption on LTCG on certain assets increased to 1.25 lakhs
- Announces Vivaad se Vishwas Scheme 2024
- To dispose of backlogs of first appeal, plan to deploy more officers
- Expand the scope of “safe harbor” rules
- Proposes to increase monetary limits for filing appeals
- To bolster Indian startup ecosystem : Abolish Angel tax for all classes of tax
- To streamline TP assessment procedure
- Simpler tax regime for foreign shipping cos. operating domestic cruises in the country
- Propose to reduce corporate tax on foreign cos. from 40% to 35%
- STT on F&O is increased 0.2% & 0.1%
- Proposes to tax income from buyback
- Non-reporting of movable assets of upto Rs. 20 Lacs proposed to be de-penalised under IBC
- Withdrawal of Equalisation Levy
- Personal IT rates – under the new tax regime – Standard deduction for salaried employees to increase from Rs. 50K to 75K
- Revises tax structure under New Regime
Taxsutra
Direct Tax Proposals from FM’s Budget Speech
