Quick Summary
Finance Minister Nirmala Sitharaman has announced that the Budget 2024 has introduced several significant amendments to the Income Tax Act of 1961, which will come into effect on October 1, 2024. Some areas include changes in rates of TDS, changes in rates of STT, introduction of schemes etc. Such c
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FAQ :
Key changes include revised TDS rates, a new tax treatment for share buy-backs where shareholders are taxed, the introduction of the Direct Tax Vivad Se Vishwas Scheme 2.0, discontinuation of mandatory Aadhaar for PAN/ITR, and increased Securities Transaction Tax (STT) on futures and options.
A 10% TDS will be applicable on income earned from Floating Rate Bonds. However, no TDS will be deducted if the total income from these bonds in a financial year is less than ₹10,000.
From October 1, 2024, shareholders will be taxed on buy-back proceeds, with the amount treated as a dividend in their hands and charged at applicable rates.
This scheme, effective from October 1, 2024, is designed to settle tax disputes pending before various appellate authorities and courts. The last date to avail the scheme is December 31, 2024.
No, starting October 1, 2024, it will no longer be mandatory to quote your Aadhaar number for PAN applications or Income Tax Return (ITR) filings. However, Aadhaar can still be used for other purposes.
Yes, the STT rates for futures and options trading have increased. Specifically, the STT on the sale of an option in securities will rise from 0.0625% to 0.1% of the option premium, and on the sale of a future in securities from 0.0125% to 0.02% of the trading price.
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