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Consolidated tax and policy alert on tax and policy amendments proposed in Union Budget 2024
On Tuesday, 23 July 2024, the Hon'ble Finance Minister, Nirmala Sitharaman, presented Union Budget 2024 in the Lok Sabha.
We bring you the consolidated tax and policy alert on tax and policy amendments announced by the Hon'ble Finance Minister in the budget.
The key highlights are:
- Supporting medium-term growth with accelerated fiscal consolidation
- Budget 2024 unveils progressive reforms and relief measures
- E-commerce levy on e-commerce players withdrawn foreign companies to be taxed at reduced rate concessions for IFSCs
- Angel Tax abolished
- Buyback proceeds taxable as “dividend"
- Expansion in scope of TP audits and stated intent to streamline TP dispute
- Custom duty rate rationalization, measures to reduce ongoing GST litigations and trade facilitation
- Budget 2024 aims to incentivize the new tax regime and proposes the rationalization of capital gains tax