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.
From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents leaving the country.
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.
Finance Bill 2024 removes NHB references from Section 43D, affecting income tax provisions for housing finance companies. Effective April 1, 2025.
MCA imposes Rs. 2,00,000 penalty on Mr. Purushothaman for holding directorships in over 10 public limited companies, violating Section 165 of the Companies Act, 2013.
Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from April 1, 2018.
Amendments to the PBPT Act, effective October 1, 2024, introduce new deadlines and immunity provisions for benamidars. Key changes include extended time limits and immunity from prosecution.
From April 2025, life insurance companies must add back non-admissible expenses to their profits to prevent misuse of deductions under section 37.
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).
