The Finance Act, 2024, has been officially notified by the Central Government.
Enacted by the Indian Parliament and accorded Presidential assent on February 15, 2024, the Finance Act is geared towards maintaining the existing income-tax rates for the financial year 2024-2025. This legislative move introduces a series of tax reliefs designed to benefit taxpayers, coupled with amendments across various enactments.
Read More Here: Union Budget 2024: Key Highlights of Interim Budget Speech
Noteworthy adjustments encompass modifications in income-tax provisions, including the treatment of agricultural income, registration requirements for specific machinery used in manufacturing under special procedures, and updates to the Central Goods and Services Tax Act, 2017 ( CGST Act ).
Read More: Union Budget 2024: Key Highlights of Direct & Indirect Tax Announcements
These updates specifically pertain to Input Service Distributors and penalties for the failure to register certain machines used in the manufacture of goods following special procedures.
Notably, the interim nature of the pre-election budget has resulted in a “not very surprising” Budget for the year 2024, while the full budget is awaited in anticipation.
The Official Finance Act can be accessed by clicking the blue button below.
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