{"id":13972,"date":"2024-02-01T15:29:21","date_gmt":"2024-02-01T15:29:21","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=13972"},"modified":"2024-05-22T12:08:34","modified_gmt":"2024-05-22T12:08:34","slug":"finance-bill-2024-proposed-amendments","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/finance-bill-2024-proposed-amendments\/","title":{"rendered":"Finance bill, 2024 &#8211; proposed amendments"},"content":{"rendered":"<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style>\n<h3>Finance Bill, 2024 &#8211; Proposed Amendments<\/h3>\n<p><strong>Summary of Amendments \u2013 DIRECT TAXATION<\/strong><\/p>\n<p>During today\u2019s pre-election budget proposed for the financial year 2024-25, it is to be noted that there are no significant amendments. Few changes introduced under the taxation laws are highlighted below for your reference \u2013<\/p>\n<p><strong>A. Goods and Services Tax :<\/strong><\/p>\n<p>1. The definition of input service distributor is amended allowing such ISDs to receive input services liable under reverse charge.<\/p>\n<p>2. The mechanism of distribution of credits by ISD is amended with the intention to make ISD registration compulsory for all entities having more than 1 registration under the same PAN. The rules for executing this amendment is yet to be notified. However, it may be necessary for all entities having more than 1 registration to start preparing towards obtaining ISD registration.<\/p>\n<p><strong>B. Income Tax :<\/strong><\/p>\n<p style=\"color: #424242; font-size: 11pt; font-family: Calibri, sans-serif; text-align: justify; margin-bottom: 0px;\">\u00a0<\/p>\n<table>\n<tbody>\n<tr>\n<th style=\"text-align: center;\">Sl.No<\/th>\n<th style=\"text-align: center;\">Section<\/th>\n<th style=\"text-align: center;\">Particulars<\/th>\n<th style=\"text-align: center;\">Before FB<\/th>\n<th style=\"text-align: center;\">After FB<\/th>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1<\/td>\n<td>206C<\/td>\n<td style=\"text-align: center;\">General TCS rate for Foreign Outward Remittances from Liberalised Remittance Scheme<\/td>\n<td style=\"text-align: center;\">20%<\/td>\n<td style=\"text-align: center;\">5%<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\">For Remittance towards Education and Medical Treatment<\/td>\n<td style=\"text-align: center;\">NIL If Below 7 Lakh Limit 5% If above 7 Lakh Limit<\/td>\n<td style=\"text-align: center;\">NIL If Below 7 Lakh Limit 5% If above 7 Lakh Limit<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\">For Remittance towards other than education and Medical Treatment<\/td>\n<td style=\"text-align: center;\">20% Without Threshold Limit<\/td>\n<td>20% If Above 7 Lakh Limit<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">2<\/td>\n<td style=\"text-align: center;\">80-IAC<\/td>\n<td style=\"text-align: center;\">Incorporation time period for incorporation of Company\/LLP to qualify as eligible startup under income tax act,1961<\/td>\n<td style=\"text-align: center;\">From 1-04-2016 to 31-03-2024<\/td>\n<td style=\"text-align: center;\">From 1-04-2016 to 31-03-2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>C. Social Justice :<\/strong><\/p>\n<p>\u00b7 Prime Minister to focus on upliftment of four major castes, that is, \u2018Garib\u2019 (Poor), \u2018Mahilayen\u2019 (Women), \u2018Yuva\u2019 (Youth) and \u2018Annadata\u2019(Farmer),<\/p>\n<p><strong>D. \u2018Garib Kalyan, Desh ka Kalyan\u2019:<\/strong><\/p>\n<p>\u00b7 Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.<\/p>\n<p>\u00b7 DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.<\/p>\n<p>\u00b7 PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.<\/p>\n<p>\u00b7 PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).<\/p>\n<p>\u00b7 PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.<\/p>\n<p><strong>E. Welfare of \u2018Annadata\u2019:<\/strong><\/p>\n<p>\u00b7 PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.<\/p>\n<p>\u00b7 Under PM Fasal Bima Yojana, crop insurance is given to 4 crore farmers<\/p>\n<p>\u00b7 Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.<\/p>\n<p><strong>F. Momentum for Nari Shakti:<\/strong><\/p>\n<p>\u00b7 30 crore Mudra Yojana loans given to women entrepreneurs.<\/p>\n<p>\u00b7 Female enrolment in higher education gone up by 28%.<\/p>\n<p>\u00b7 In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.<\/p>\n<p>\u00b7 Over 70% houses under PM Awas Yojana given to women from rural areas.<\/p>\n<p><strong>G. PM Awas Yojana (Grameen):<\/strong><\/p>\n<p>\u00b7 Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.<\/p>\n<p>\u00b7 Two crore more houses to be taken up in the next five years.<\/p>\n<p><strong>H. Rooftop solarization and muft bijli:<\/strong><\/p>\n<p>\u00b7 1 crore households to obtain 300 units free electricity every month through rooftop solarization.<\/p>\n<p>\u00b7 Each household is expected to save Rs.15000 to Rs.18000 annually.<\/p>\n<p><strong>I. Ayushman Bharat:<\/strong><\/p>\n<p>\u00b7 Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.<\/p>\n<p><strong>J. Agriculture and food processing:<\/strong><\/p>\n<p>\u00b7 Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.<\/p>\n<p>\u00b7 Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.<\/p>\n<p><strong>K. Research and Innovation for catalysing growth, employment and development:<\/strong><\/p>\n<p>\u00b7 A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.<\/p>\n<p>\u00b7 A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting \u2018atmanirbharta\u2019.<\/p>\n<p><strong>L. Infrastructure:<\/strong><\/p>\n<p>\u00b7 Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.<\/p>\n<p><strong>M. Railways:<\/strong><\/p>\n<p>\u00b7 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost<\/p>\n<p>\u00b7 Energy, mineral and cement corridors<\/p>\n<p>\u00b7 Port connectivity corridors<\/p>\n<p>\u00b7 High traffic density corridors<\/p>\n<p>\u00b7 Forty thousand normal rail bogies to be converted to Vande Bharat standards.<\/p>\n<p><strong>N. Aviation Sector:<\/strong><\/p>\n<p>\u00b7 Number of airports in the country doubled to 149.<\/p>\n<p>\u00b7 Five hundred and seventeen new routes are carrying 1.3 crore passengers.<\/p>\n<p>\u00b7 Indian carriers have placed orders for over 1000 new aircrafts.<\/p>\n<p><strong>O. Green Energy:<\/strong><\/p>\n<p>\u00b7 Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.<\/p>\n<p>\u00b7 Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.<\/p>\n<p><strong>P. Tourism sector:<\/strong><\/p>\n<p>\u00b7 States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.<\/p>\n<p>\u00b7 Framework for rating of the tourist centres based on quality of facilities and services to be established.<\/p>\n<p>\u00b7 Long-term interest free loans to be provided to States for financing such development on matching basis.<\/p>\n<p><strong>Q. Investments:<\/strong><\/p>\n<p>\u00b7 FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.<\/p>\n<p>R. Reforms in the States for \u2018Viksit Bharat\u2019<\/p>\n<p>\u00b7 A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.<\/p>\n<p><strong>S. Revised Estimates (RE) 2023-24:<\/strong><\/p>\n<p>\u00b7 RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.<\/p>\n<p>\u00b7 RE of the total expenditure is Rs.44.90 lakh crore.<\/p>\n<p>\u00b7 Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.<\/p>\n<p>\u00b7 RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.<\/p>\n<p><strong>T. Budget Estimates 2024-25:<\/strong><\/p>\n<p>\u00b7 Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.<\/p>\n<p>\u00b7 Tax receipts are estimated at Rs.26.02 lakh crore.<\/p>\n<p>\u00b7 Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.<\/p>\n<p>\u00b7 Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP<\/p>\n<p>\u00b7 Gross and net market borrowings through dated securities during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During today\u2019s pre-election budget proposed for the financial year 2024-25, it is to be noted that there are no significant amendments. <\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13972","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance bill, 2024 - proposed amendments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msassociates.pro\/articles\/finance-bill-2024-proposed-amendments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance bill, 2024 - proposed amendments\" \/>\n<meta property=\"og:description\" content=\"During today\u2019s pre-election budget proposed for the financial year 2024-25, it is to be noted that there are no significant amendments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.msassociates.pro\/articles\/finance-bill-2024-proposed-amendments\/\" \/>\n<meta property=\"og:site_name\" content=\"MS &amp; 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