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Archive: 24 July 2024

Posts in 24 July 2024

Right to Speedy Trial Cannot Be Denied Due to Heinousness of Crime: Rajasthan HC

July 24, 2024 249 Views 0 comment Print

The Rajasthan High Court ruled that the right to a speedy trial cannot be compromised due to the seriousness of the crime.

FAQs on Additional Requirements for Finance Companies as Lessors under ‘Framework for Ship Leasing’

July 24, 2024 489 Views 0 comment Print

Understand IFSCA’s Ship Leasing Circular FAQs 2024. Learn permissible activities, definitions, and guidelines for ship lessors in International Financial Services Centres.

Section 80G Amendment: National Sports Fund Update

July 24, 2024 315 Views 0 comment Print

Finance Bill 2024 updates Section 80G to reflect “National Sports Development Fund” and changes approval procedures for charities. Effective April 1, 2025.

Section 194F Amendment: TDS Omission for Mutual Fund Unit Repurchases

July 24, 2024 477 Views 0 comment Print

Explore the amendment to Section 194F removing TDS on Mutual Fund and UTI unit repurchases, effective from October 2024 under the Finance Bill 2024.

Assessment, Reassessment & Re-computation Time-Limits amended: Budget 2024

July 24, 2024 1530 Views 0 comment Print

Budget 2024 proposes amendments to section 153 and section 139 of Income Tax Act to address procedural difficulties and streamline timelines for tax assessment, reassessment, and recomputation.

Budget 2024: Credit of TCS/TDS Allowed in Salary Tax Calculation

July 24, 2024 6462 Views 0 comment Print

Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and all TDS deductions, easing compliance and cash flow concerns. Effective October 2024.

Amendment: Black Money Act, 2015 Reference for Tax Clearance Certificate

July 24, 2024 729 Views 0 comment Print

From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents leaving the country.

Section 194-IB: TDS Rate Reduced on Rent to 2% wef 01st October 2024

July 24, 2024 5217 Views 0 comment Print

Learn about the amendment to section 194-IB of the Income-tax Act, reducing TDS on rent payments from 5% to 2% effective from October 1, 2024. Understand implications for individuals and HUFs paying rent exceeding ₹50,000/month to residents.

Amendment to Black Money Act: Liability Adjustment from seized Assets

July 24, 2024 318 Views 0 comment Print

New amendment to the Black Money Act (2015) allows recovery of liabilities from seized assets. Effective October 1, 2024, including foreign income and asset taxes.

Section 194M TDS rate reduced to 2% from October 1, 2024

July 24, 2024 3072 Views 0 comment Print

Understand Section 194M of the Income-tax Act, governing tax deduction at source (TDS) for individuals or Hindu undivided families making payments for work, commission, brokerage, or professional services, with amendments reducing the TDS rate from 5% to 2% effective October 1, 2024.

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