Finance (No. 2) Act, 2024
(1) This Act may be called the Finance (No. 2) Act, 2024.
(2) Save as otherwise provided in this Act,--
(a) sections 2 to 87 shall be deemed to have come into force on the 1st day of April, 2024;
(b) sections 114 to 157 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2024, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
(2) In the cases to which Paragraph A of Part I of the First Schedule applies, or in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) and, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,--
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the
(1) This Scheme may be called the Direct Tax Vivad Se Vishwas Scheme, 2024.
(2) It shall come into force on such date* as the Central Government may, by notification in the Official Gazette, appoint.
(1) In this Scheme, unless the context otherwise requires,--
(a) "appellant" means--
(i) a person in whose case an appeal or a writ petition or special leave petition has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on the specified date; or
(ii) a person who has filed his objections before the Dispute Resolution Panel under section 144C of the Income-tax Act and the Dispute Resolution Panel has not issued any direction on or before the specified date; or
(iii) a person in whose case the Dispute Resolution Panel has issued direction under sub-section (5) of section 144C of the Income-tax Act and the Assessing Officer has not completed the assessment under sub-section (13) of that section on or before the specified date; or
(iv) a person who has filed an application for revision under section 264 of the Income-tax Act and such application is pending as on th
Subject to the provisions of this Scheme, where a declarant files under the provisions of this Scheme on or before the last date, a declaration to the designated authority in accordance with the provisions of section 91 in respect of tax arrear, then, notwithstanding anything contained in the Income-tax Act or any other law for the time being in force, the amount payable by the declarant under this Scheme shall be as mentioned in the Table below, namely: --
TABLE | |||||||||||||||
| Sl. No. | Nature of tax arrear. | Amount payable under this Scheme on or before the 31st day of December, 2024. | Amount payable under this Scheme on or after the 1st day of January, 2025 but on or before the last date. | ||||||||||||
THE FIRST SCHEDULE (See section 2) PART I INCOME-TAX Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,-- Rates of income-tax | |||||||||||||||
THE SECOND SCHEDULE | ||
(See section 105) | ||
Notification number to be amended | Amendment | Period of effect of amendment |
(1) | (2) | (3) |
| G.S.R. number 356(E), dated 10th May, 2023 [37/2023- Customs, dated 10th May, 2023]. | In the said notification, in the Annexure, for the conditions, the following conditions shall be substituted, namely:-- | 1st day of April, 2023 to 10th day of May, 2023 (both days inclusive). |
THE THIRD SCHEDULE |
[See section 111(a)] |
In the First Schedule to the Customs Tariff Act, -- (i) in Chapter 39, for the entry in column (4) occurring against all the tariff items of headings 3920 and 3921, the entry "25%" shall be substituted; |
THE FOURTH SCHEDULE | ||||
[See section 111(b)] | ||||
| In the Customs Tariff Act, in the First Schedule, -- | ||||
| Tariff Item | Description of goods | Unit | Rate of duty | |
| Standard | Preferential | |||
(1) | (2) | (3) | (4) | (5) |
| (1) | in Chapter 19, in heading 1905, (i) for sub-heading 1905 32, tariff item 1905 32 11 and ta | |||
THE FIFTH SCHEDULE | ||
(See section 112) | ||
Notification number and date | Amendment | Date of effect of amendment |
(1) | (2) | (3) |
| G.S.R. 163(E), dated the 17th March, 2012 [12/2012-Central Excise, dated 17th March, 2012] | In the said notification, in the ANNEXURE, in Condition No.43, under heading "Conditions", in clause (b),-- (i) for the words "a term of one hundred and twenty-six months”, the words "a term of one hundred and sixty-two months&r | |
THE SIXTH SCHEDULE | |||
(See section 113) | |||
Sl. No. | Notification number and date | Amendment | Date of effect of amendment |
(1) | (2) | (3) | (4) |
| 1. | G.S.R.794(E), dated the 30th June, 2017 [12/2017-Central Excise, dated the 30th June, 2017]. | In the said Notification,-- (i) in the preamble,-- (a | |
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