Just a moment...

⚠✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :

Print Options

+ Post an Article
Post a New Article ✕
Title :
0/200 char
Description :
Max 0 char
Category :
Co Author :

In case of Co-Author, You may provide Username as per TMI records

Delete Reply

Are you sure you want to delete your reply beginning with '' ?

Delete Issue

Are you sure you want to delete your Issue titled: '' ?

Articles

Back

All Articles

Advanced Search ❮
Reset Filters
Search By:
Search by Text :
Press 'Enter' to add multiple search terms
Select Date:
FromTo
Category :
Sort By:
Relevance Date
PrevPreviousNextNext

FINANCE ACT (2), 2024 – AMENDMENTS TO INCOME TAX ACT, 1961 – EFFECTIVE DATES

DR.MARIAPPAN GOVINDARAJAN
Finance Act 2024 Updates Income Tax Act: Key Changes in Definitions, Exemptions, Deductions Effective 2024-2025 The Finance Act (2), 2024, which received presidential assent on August 16, 2024, introduces several amendments to the Income Tax Act, 1961. These amendments have varying effective dates, primarily spanning from July 2024 to April 2025. Key sections affected include 2(22), 10(4D), 11(7), 12A, 28, 36, 40, 44B, 47, 80CCD, 115AB, 132B, 139, 194, and 245, among others. The amendments address provisions related to income definitions, exemptions, deductions, and procedural aspects of tax administration. The article details the specific effective dates for each amended section to inform readers about the changes. (AI Summary)

The finance minister presented its first budget in the month February 2024 which is interim budget and second budget after the formation of new Government which is the main budget for the financial year 2024 – 25.  The Finance Act (2), 2024 got the assent of the President on 16.08.2024.  Income Tax Act, 1961 has come across various amendments to its provisions.  Various effective dates are given to various section.  In this article the date of effect for each section amendment for the purpose of readers.

Sl. No.

Sections of Finance Act (2) of 2024

Amended section of Income Tax Act, 1961

Date of effect

1

3

2(22)

01.10.2024

2

 

2(42A)

23.07.2024

3

4

10(4D), (15B), 23(EE)

01.04.2025

4

 

10(23C), (34A)

01.10.2024

5

 

10(50)

01.08.2024

6

5

11(7)

01.04.2025

7

6

12A

01.10.2024

8

7

12AB

01.10.2024

9

8

New section 12AC

01.04.2025

10

9

13

01.10.2024

11

10

16 – new proviso

01.04.2025

12

11

28 - explanation

01.04.2025

13

12

36

01.04.2025

14

13

37

01.04.2025

15

14

40

01.04.2025

16

15

43D

01.04.2025

17

16

44B

01.04.2025

18

17

New section 44BBC

01.04.2025

19

18

46A - explanation

01.10.2024

20

19

47

01.04.2025

21

20

48

23.07.2024

22

21

50AA

23.07.2024

23

 

Substitution of explanation

01.04.2026

24

22

55

01.04.2018

25

23

56 – new proviso

01.04.2015

26

24

57(i)

01.10.2024

27

 

New proviso

01.04.2025

28

 

II proviso

01.10.2024

29

25

80CCD

01.04.2025

30

26

80G

01.04.2025

31

27

92CA

01.04.2025

32

28

94B

01.04.2025

33

 

 

 

34

29

111A

23.07.2024

35

30

112

23.07.2024

36

31

112A

23.07.2024

37

32

113

01.09.2024

38

33

115AB

23.07.2024

39

34

115AC

23.07.2024

40

35

115ACA

23.07.2024

41

36

115AD

23.07.2024

42

37

115BAC

01.04.2025

43

38

115E

23.07.2024

44

39

115QA

01.10.2024

45

40

132B

01.10.2024

46

41

139

01.10.2024

47

42

139AA

01.10.2024

48

43

144C

01.09.2024

49

44

148 AND 148A

01.09.2024

50

45

149

01.09.2024

51

46

151

01.09.2024

52

47

152

01.09.2024

53

48

153

01.09.2024

54

49

CHAPTER XIV-B

01.09.2024

55

50

192

01.10.2024

56

51

193

01.10.2024

57

52

194

01.10.2024

58

53

194C

01.10.2024

59

54

194DA

01.10.2024

60

55

194F

01.10.2024

61

56

194G

01.10.2024

62

57

194H

01.10.2024

63

58

194IA

01.10.2024

64

59

194IB

01.10.2024

65

60

194M

01.10.2024

66

61

194O

01.10.2024

67

62

NEW 194T

01.04.2025

68

63

196B

23.07.2024

69

64

196C

23.07.2024

70

65

197

01.10.2024

71

66

198

01.04.2025

72

67

200

01.04.2025

73

68

200A

01.04.2025

74

69

201

01.04.2025

75

70

206C

01.01.2025

76

71

230

01.10.2024

77

72

244A

01.10.2024

78

73

245

01.10.2024

79

74

245Q

01.10.2024

80

75

245R

01.10.2024

81

76

246A

01.09.2024

82

77

251

01.10.2024

83

78

253

01.10.2024

84

79

271FAA

01.10.2024

85

80

271GC

01.04.2025

85

81

271H

01.04.2025

87

82

273B

01.10.2024

 

88

83

275

01.10.2024

 

89

84

276B

01.10.2024

 

90

85

276CCC

01.09.2024

 

91

86

285

01.04.2025

 

92

87

I SCHEDULE

01.04.2025

 

 

Income Tax
answers
Sort by
+ Add A New Reply
Hide
+ Add A New Reply
Hide
Recent Articles