Reetu | Feb 16, 2024 |
Central Government notifies Finance Act, 2024
The Ministry of Law and Justice under the Government of India has notified the Finance Act, 2024.
The Finance Act, enacted by India’s Parliament and signed into law by the President on February 15, 2024, seeks to keep current income-tax rates in place for the financial year 2024-2025. It proposes multiple tax reliefs for taxpayers and amends various enactments.
Key changes include adjustments to income-tax provisions, such as the treatment of agricultural income, registration requirements for certain machinery used in manufacturing under special procedures, and updates to the Central Goods and Services Tax Act, 2017 (“the CGST Act“) about Input Service Distributors and Penalty for failure to register certain machines used in the manufacture of goods as per special procedure.
The Finance Act promotes compliance, clarifies tax rates, and implements steps to improve tax administration and ease of doing business.
The Finance Act Reads as follows:
The following Act of Parliament received the assent of the President on the 15th February, 2024 and is hereby published for general information:—
An Act to continue the existing rates of income tax for the financial year 2024-2025 and to provide for certain relief to taxpayers and to make amendments in certain enactments.
BE it enacted by Parliament in the Seventy-fifth Year of the Republic of India as follows:—
1. (1) This Act may be called the Finance Act, 2024.
(2) Save as otherwise provided in this Act,––
(a) sections 2 to 10 shall come into force on the 1st day of April, 2024;
(b) sections 11 to 13 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2023, shall apply in relation to income tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April 2024, as they apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April 2023.
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