The Gazette of India Extraordinary

Gazette Title

Finance (No. 2) Bill, 2024

Gazette Number

No. 8

Publication Date

July 23, 2024

Issuing Authority

Government of India

Summary

• The Bill aims to implement financial proposals of the Central Government for the financial year 2024-2025.
• It includes amendments to the Income-tax Act, Customs Act, and Goods and Services Tax Act.
• New provisions for tax rates, deductions, and penalties are introduced.
• Specific amendments relate to income tax rates for individuals, firms, and companies.
• Provisions for the Direct Tax Vivad Se Vishwas Scheme, 2024, are included.
• Changes to the treatment of agricultural income and capital gains are proposed.
• Retrospective amendments are made effective from specified dates.