The Central Board of Direct Taxes (CBDT) on February 09, 2024 issued the Highlights of the Finance Bill 2024.
The following has been stated namely: -
• It states that No changes in tax rates have been proposed by Finance Bill, 2024
• It has Proposed amendments with regards to Deductions and Exemptions
• It has proposed to implement the faceless regime in Section 92CA related to Faceless determination of arm’s length prices, Section 144C related to the Faceless Dispute Resolution Panel Section 253 related to Faceless appeal to Appellate Tribunal, and Section 255 related to Faceless procedure of Appellate Tribunal.
• It has proposed to insert proviso to provide that the collection of tax at source during the period July 01, 2023 to September 30, 2023 shall be in accordance with provisions of Section 206C(1G) as they stood on April 01, 2023
• It has also proposed to waive off the recovery of the old outstanding demands up to INR 25,000 for the period up to financial year 2009-10 and up to INR 10,000 for financial years 2010-11 to 2014-15
