The Ministry of Finance (MoF) on July 23, 2024, notified the Finance Bill, 2024.
The following has been stated: -
•Chapter II specifies the Rates of Income-Tax.
•Chapter III specifies the Direct Taxes.
•In section 2 in clause (22), with effect from the 1st day of October 2024, ––
(I)after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely: -
“(f)any payment by a company on purchase of its shares from a shareholder by the provisions of section 68 of the Companies Act, 2013;”
(II)In the long line, clause (iv) shall be omitted.
•Sections 2 to 87 shall be deemed to have come into force on April 01, 2024.
•Sections 110 to 153 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
The detailed bill is given in the document below.
[Bill No. 55 of 2024]
