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of <h1>Proposed Amendments to Income-tax Act: New Tax Rates, Definitions, Exemptions, Procedures, and More in 2024 Bill</h1> The Finance (No. 2) Bill, 2024 proposes amendments to various sections of the Income-tax Act, affecting tax rates, definitions, exemptions, and procedures. Key changes include adjustments to tax rates for income, dividends, and capital assets, effective from specified dates. Amendments also address definitions of dividends and capital assets, exemptions for specific incomes, and procedures for tax assessments and appeals. The Bill introduces new sections for tax computation, penalties, and deductions, and amends existing provisions for clarity and alignment with current regulations. Additionally, the Bill outlines changes to the Customs Act, Central Goods and Services Tax Act, and other related legislation, impacting tax procedures and compliance.
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