Trilegal’s Post

Here is our detailed analysis of the top 12 amendments that impact PE / VC funds / M&A deals on account of Budget 2024

Top Taxation related Highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman 1. No Changes in Income Tax Slabs 2. No Change in Tax rates for Company, LLP or any other person 3. Some Exemption to Startups and Extend some concession - extension of tax sops for soverign wealth funds and startups to March 2025 4. Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15. #Budget2024 #incometax #india #finances #budget CA Ayush Agarwal

Top Taxation related highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman 1. No Changes in Income Tax Slabs 2. No Change in Tax rates for Company, LLP or any other person 3. Some Exemption to Startups and Extend some concession - extension of tax sops for soverign wealth funds and startups to March 2025 4. Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15. #Budget2024 #incometax #india #finances #budget

Interim Budget 2024: Past Direct Taxation Decisions With less than a week left for the 2024 Interim Budget, let's take a look back at some key Direct Tax decisions from previous years budgets. · 2020: In 2020 Dividend Distribution Tax was removed and liability to pay tax on dividend was shifted to recipients. Additionally, this budget also introduced a new taxation regime for individuals, which underwent significant changes in Budget 2023. · 2019: Both the Interim Budget and Main Budget in 2019 didn't feature any major announcements. However, in September 2019, government announced major tax cuts for corporates by introducing sections 115BBA and 115BAB. · 2016: In order to promote startups, government announced a three-year tax holiday for eligible startups in 2016. This was done by Introducing section 80-IAC. · 2012: A significant retrospective amendment was made in 2012 concerning the indirect transfer of shares in India. This decision followed the Apex Court's ruling in the Vodafone International Holdings.   Do share your thoughts on this year budget. Whether we can see any major decision as we seen in last years. #budget2024 #tax

*Finance Act (No. 2), 2024 – Significant Change* Finance Bill (No. 2), 2024 received stamp of Approval put by Hon. President on August 16, 2024 which was passed by LS on August 7, 2024. From proposal to enactment there are several changes. However, significant changes are in for taxation of long-term capital gain from land or building – provisions made foe Grandfathering. Summary of changes is: (1) Eligible Assessee: only for *Individual and HUF* – if they are *resident* in India. (2) Eligible Asset: Long-term capital asset – only (i) *land* or (ii) *buildings* or (iii) *both*. (3) *Acquisition* Date: On or *before 22-07-2024.* Not applicable if acquired from 23 July, 2024 and onwards. (4) When Eligible: Only if LTCG Tax computed under the new regime *exceeds* competition under the old regime. (5) What is Provided: Any the *excess tax* as per Sr. No. (4) above. tax shall be waived.

Submitting fake rent receipts? Beware! Here's how income tax department can catch you #gurugobindsinghji #capraveensh #CA #gstmitra #gstmitradelhi #GST #gstupdates #gstnews #gstrate #tax #incometax #EDRaid   GST Mitra Expert in GST Advice Tax4wealth #charteredaccountancy #charteredaccountant #costaccountant  #charteredworld #accountancy #gstreturns #annualreturn #Corporate #Training #HR #Event #CorporateTraining

Have you scheduled your call or meeting with your consultant? It's important to be aware of the benefits of paying your taxes promptly and planning ahead. Let's work together to ensure timely tax payments, which contribute to our collective growth and the nation's development. Income Tax Return: Always the Talk of the Town in #July! #business #owner #startup #womeninbusiness #itr #taxfilling #returnfilling #planning #taxpayer #economy #india #msme

Income Tax Return: Always the Talk of the Town in #July! Avoid the Panic—Master the Magic of Filing Your Taxes with Ease! - Part 1 Imagine if every one of my clients decides to come on July 20th, assuming I will file their returns last. What if everyone thinks the same way? It's important to remember that in the last two to three years, the government has not extended the due date even by a single day. Previously, people might have assumed that the due date would inevitably be extended, but that's no longer the case. I urge each of you to plan your tax return filing well in advance. If the due date is July 31st, aim to have your return filed at least 15 days earlier. Reverse calculate to determine how early you should have your data ready. Avoid last-minute stress to ensure a smooth process and prevent disruptions to your business. Let's get ahead of this together! #itr #duedate #incometax #31stjuly #individual #return #taxplan #taxpayer #taxpayment #planearly #planning #msme #startup #womeninbusiness #india #indianeconomy #growth

Filing your ITR on time is essential to avoid penalties and interest charges. This guide has equipped you with the basic knowledge of income tax and ITR filing in India. Remember, tax laws can be intricate, and seeking professional guidance can save you time, and money, and ensure efficient tax management. YS Financials offers a comprehensive suite of ITR filing, tax planning, and wealth management services. Contact us today for a consultation and explore how we can empower you to navigate the Indian tax landscape with confidence. Read our new blog: The ultimate guide to Income Tax Return in India. Please click on the link https://lnkd.in/dJ3G9eSt

#India needs to further #expand its #tax #base to strengthen the #finances of both the #union and the #state government so that they can enhance their #PublicSpending to boost #growth, as per the review of the economy released by the economic division under the #FinanceMinistry.