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        Bills

        Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        The rates for deduction of income-tax at source from “Salaries” or under section 194P of the Act during the FY 2024-25 and also for computation of “advance tax” payable during the said year in the case of all categories of assessees have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the FY 2024-25 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc. The salient features of the rates specified in the said Part III are indicated in the following paragraphs-

        [Clauses 2, 37 & the First Schedule]

         

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Rates for deduction of income tax at source set TDS and advance tax computation, applicable to accelerated assessments. Rates for deduction of income tax at source from Salaries and under section 194P and the computation of advance tax are specified in Part III of the First Schedule to the Finance Bill for the relevant fiscal year; those rates also apply to charging income tax in specified accelerated assessment circumstances such as provisional assessment of shipping profits to non residents, assessments of persons leaving India, likely property transfers to avoid tax, and bodies formed for short duration.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                        Provisions expressly mentioned in the judgment/order text.

                            Rates for deduction of income tax at source set TDS and advance tax computation, applicable to accelerated assessments.

                            Rates for deduction of income tax at source from Salaries and under section 194P and the computation of advance tax are specified in Part III of the First Schedule to the Finance Bill for the relevant fiscal year; those rates also apply to charging income tax in specified accelerated assessment circumstances such as provisional assessment of shipping profits to non residents, assessments of persons leaving India, likely property transfers to avoid tax, and bodies formed for short duration.


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