Direct Tax Vivad Se Vishwas Scheme, 2024 has been enacted vide Chapter IV (Section 88 to 99) of Finance (No.2) Act, 2024. The Objective of the Scheme is to reduce Income tax pending litigations, generate timely revenue for Government and also to benefit Taxpayers by providing them peace of mind, certainty, and savings on account of time and resources.
Budget 2024 brings significant changes to capital gains tax with new rates, holding periods, and amendments to key sections. Effective dates start October 2024.
Section 115BAC (New Tax Regime) of Income Tax Act, 1961 was introduced in Budget 2020 for Individuals and HUF Taxpayers, effective from financial year 2020-21- A scheme introduced with an option to pay Income Tax at lower rates with fewer exemptions and deductions to claim under the Act.
Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legislative changes for effective tax planning.
Learn about the disclosure of foreign assets in income tax returns, including key requirements, exemptions, and penalties for non-compliance.
