THE FINANCE (NO. 2) BILL, 2024

Finance (No. 2) Bill, 2024 revises income tax rates, overhauls search/block assessment rules and updates GST determination and TDS regimes. The Bill prescribes income tax rates and surcharge for AY 2024 25, revises capital gains and withholding tax rates, inserts section 44BBC for cruise ship taxation, replaces Chapter XIV B with a new block assessment regime for search/requisition cases, introduces the Direct Tax Vivad Se Vishwas Scheme, substantially reforms TDS/TCS and procedural timelines, and inserts CGST section 74A for determination of tax short payments and related penalty and limitation rules, with numerous consequential amendments across direct and indirect tax statutes.