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
