The Lok Sabha on February 01, 2024, published the Finance Bill, 2024 to continue the existing rates of income tax for the financial year 2024-2025 to provide certain relief to taxpayers and to make amendments to certain enactments.
It states that Sections 2 to 10 shall come into force on April 01, 2024, and Sections 11 to 13 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
The objective of the Bill is to continue the existing rates of income tax for the financial year 2024-2025 and to give effect to certain financial proposals of the Central Government for the financial year 2024-2025.
The following has been stated namely: -
• Chapter II lays down the provisions and amendments related to Rates of Income Tax
• Chapter III lays down the provisions and amendments related to Direct Taxes
• Chapter IV lays down the provisions and amendments related to Indirect Taxes
Kindly refer to the document to view the amendments in detail
[Bill No. 14 of 2024]
