From October 2024, tax will be deducted at source on interest exceeding ₹10,000 for Floating Rate Savings Bonds (FRSB) 2020 and specified government securities.
From October 2024, payments under Section 194J (professional fees) will be excluded from TDS under Section 194C (payments to contractors).
From April 2025, settlement amounts for legal contraventions will not be deductible as business expenses under Section 37 of the Income-tax Act.
Budget 2024 proposes TCS on notified luxury goods over 10 lakh rupees from January 2025. Learn about this amendment to widen the tax net.
From April 2025, foreign taxes withheld must be included in total income for accurate reporting under section 198. Aims to prevent double deductions.
From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific changes for individuals and HUFs.
From April 1, 2025, firms must deduct 10% TDS on payments to partners exceeding Rs 20,000 annually, under new Section 194T of the Income-tax Act.
From October 2024, TDS under section 194-IA will apply based on total consideration for property sales, not individual payments. Update to prevent evasion.
Explore Budget 2024’s new tax provisions on income from buy-back of shares for domestic companies. Learn how these changes impact shareholders and tax calculations.
The Finance (No.2) Act, 2004 revision increases STT rates on derivatives starting October 1, 2024. Key changes include updated rates on options and futures.
