Budget 2024 has been presented by Hon’ble Finance Minister Mrs. Nirmala Sitaraman. This was her consequent seventh budget presented in NDA government. In the budget various announcement have been made. Focal Point of the Budget was 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Many schemes and programmes have been launched / extended considering these four castes.
Also, various amendments have been proposed in Direct Taxes. The most significant amendment is made by overhauling the Capital Gain Tax wherein tax on sale of shares has been increased. Though, the period of holding and tax rate for long term capital asset, except listed securities, has been reduced and the benefit of indexation has been done away with.
Further, block assessment has been reintroduced which was abolished lately in 2021 budget. Also time for reassessment under section 148 of Income Tax Act has been reduced from 10 years to 5 years which was also changed earlier in 2021 from 6 to 10 years.
Provisions relating to TDS and TCS have seen most of the changes in this budget wherein most prominent amendment is decriminalization of delay in TDS deposition. TDS rate on payments of various nature have been proposed to be reduced.
In this write up we have given brief yet meaningful summary of the amendment proposed through this budget in direct taxes. Hope you will find it of some use in your business endeavor.