Dear Friends,
The Union Budget 2024 was presented on 1st February 2024. However, as elections were due in coming months, so it was more as ‘Vote an Account’.
After the swearing in of the newly elected Government, recently the first full Union Budget 2024 was presented by the Hon’ble Finance Minister.
Presenting the technical analysis of the taxation part of the Union Budget in earlier years was always a pleasure for our firm.
Going with the same legacy, it is our indeed pleasure to present the technical analysis of the Union Budget
The current presentation mainly includes;
Direct Tax:
– One of the needed proposals is the Abolition of the Angle tax and thus now shares can be issued at premium without attracting the tax.
– After a period of almost 14 years, a higher threshold limit is proposed for partner remuneration in a Partnership firm.
– To promote the cruise industry, attractive provisions are proposed for nonresidents.
– Widespread measures are being proposed for reducing litigation like
o Introduction of Vivad se Vishwas Scheme 2024
o Rationalization of provisions related to Search and seizure.
o Rationalization of the provisions for assessment / reassessment.
– With regards to the individuals and HUF, increase of threshold limit for calculation of tax under the new regime is being proposed.
– Proposals regarding increase in the limit of Standard Deduction, Family Pension, employer contrition to Pension Scheme for salaried employees.
– Widespread changes in TDS rates are proposed including introduction of TDS on partner remuneration, interest etc. for the first time.
– Lastly a talk of the town provision i.e. increase in tax rate for capital gains and elimination of indexation.
GST:
– Extended date for taking the ITC for FY 17-18 to FY 20-21 and for revocation cases.
– Section 73 / 74 as sunset clauses and Section 74A as the replacing provision.
– Comparison of Section 73 / 74 / 74A along with the timelines.
– Change in Pre-Deposit while filing an appeal.
– Waiver of Interest and Penalty for certain proceedings.
These are just the illustrations of the topics covered in the presentation. Many more topics are there in the presentation which might be helpful to you.
The presentation can be accessed at Analysis of Union Budget 2024
We wish you a happy reading.
