Taxmann's Analysis | Thank You Finance (No. 2) Act – 2024

Download or read book Taxmann's Analysis | Thank You Finance (No. 2) Act – 2024 written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2024-08-27 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxpayers, tax professionals, and the tax department collectively contribute to refining tax legislation to enhance clarity and effectiveness. This year, we put forward 75 proposals to the Finance (No. 2) Bill, 2024, six of which were incorporated into the final legislation. This article examines our recommendations alongside the amendments ultimately enacted in the Finance (No. 2) Act, 2024, focusing on key changes to the Income Tax Act, 1961. Notable updates include: ‣ Abolition of Buyback Tax ‣ Simplified Taxation Framework for Charitable Trusts ‣ Increased Interest Rate for Non-Deposit of TCS Amount ‣ Inclusion of Foreign Tax Credit in Assessee's Income ‣ Defined Time Limit for Tax Deduction Defaults on Payments to Non-Residents ‣ Expanded Eligibility for Lower Tax Collection Certificates