Date : 2024-07-30 15:30:06

Property : high lights of amendments proposed by budget 2024 limit of exemption at capital gains proposed at price 125 lakh a year from 10 lakh hitherto stt on f and o hiked to 002 % and 01 % corporate tax price on foreign companies reduced to 25 % limit of ltcg hiked from 10 % to 125 % and the indexation benefit hitherto available under section 48 under second proviso thereof to property gold and other unlisted assets will no more be available for ease of computation of capital gains 125 % by assessee themselves short term gains on certain financial assets will be 20 percent rest is applicable tax price listed financial assets held for more than a year will be classified as long term tds price on ecommerce operators to be reduced to 01 percent from 1 percent listed financial assets held for more than a year will be classified as long term unlisted bonds and debentures irrespective of holding period to attract cgt as price applicable rates abolishment of angel tax announced for all classes of investors professionals in mncs who get esops and then invest in movable assets abroad of upto price 20 lakh decriminalized / nonpenalised under new tax regime standard deduction hiked to price 75000 from price 50000 deduction on family pension for pensioners to be enhanced to 25 k from 15 k salaried employee will save price 17500 in income tax new tax regime tax price structure to be revised as follows • 03 l 0 % • 37 l 5 % • 710 l 10 % • 10 12 l 15 % • 12 15 l 20 % • over 15 l 30 % re introduction of block period of 6 years in search assessment income escapement assessment procedure rationalised further rates of tds rationalised from 5 % to 2 % in case of 194 d da g h ib m remuneration limit increased and a tds of 10 % inteoduced on all payments to partners viz interest remuneration if in aggregate exceeds price 20000 tax on distributed income of domestic company by way of buy back of shares brought at par with dividend to be taxed in the hands of recipient rates of stt on futures and options revised on upward basis letting out of house property not to be taxable under the head business clarified to be compulsorily to be taxed under head house property under section 206 c presently amongst other things cars are the only luxurious goods which are subject to tcs the list of such other luxuries will also be specified therein it is clarified that the tds on sale of immovable property beyond 5000000 will apply qua the property value and not qua recepient it is clarified that the payments for fees for professional or technical services under section 194 j will not be covered in the term work as price section 194 c explanation 3 to section 371 is amended to clarify that any expenditure incurred by assessee to settle proceedings initiated in contravention under any law for the time being in force shall also be disallowed dt vivad se vishwas scheme 2024 will be notified 194 q and 206 c 1 h brought in lower deduction of tax certificate ambit under section 197 while there is time limit to file original tds and tcs statements/returns there is no time limit to file corrections therein creating uncertainty for deductees 6 years are prescribed for filing correction statements powers of cita are amended to include power to set aside to reduce burden regards ca pushkar jain

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