With utmost pleasure, I present the detailed analysis of the Union Budget, 2024 and its proposals. This edition is the 10th year of our Budget Analysis. Looking back, I am delighted for the achievement of the team, and the value addition which we were able to extend to our clients and the fraternity at large.
I would like to touch upon certain proposals which attracted my interest. As anticipated by me last year, that over a period of time, the old regime would be discontinued, further it, no additional benefits are extended under the old regime. Rationalization and streamlining of capital gains taxation was a long pending request from various classes of persons, and this seems to have been addressed in this Budget.
Rationalization of reassessment proceedings, insertion of new provisions for search assessments and announcing the comprehensive review of Income Tax Act for reduction of litigations is definitely a welcome move. Removal of angel tax on issue of shares at premium, is one another welcome amendment, which will assist start-ups.
I shall take a halt here and let yourself in the detailed analysis of the proposal. The young and knowledgeable team of Chartered Accountants, viz., Mr. Narendra R, Mr. Vishnu Vardhan K, Mr. Lokesh P and Mr. Anand Raj A, have put their best efforts, to bring out this detailed analysis.
I would like to take this opportunity to thank CA J. Venkateswarlu, former Central Council Member, ICAI for his kind words appreciating our efforts in bringing this analysis of the budget.
With this brief, I present you our detailed analysis on significant clauses of the Finance Bill, 2024. We wish this effort of ours is fruitful and we would appreciate your valuable feedback.
Topics:
- Section I – Budget Proposals 2024
- Section II – Income Tax Rates
- Section III – TDS/TCS Rates and Due Date for Filing of TAR/Form 3CEB and ITR
- Section IV – CBDT Circulars
