THE FINANCE (NO. 2) BILL, 2024
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law amends various sections of the Income-tax Act, 1961, and related tax laws to adjust tax rates, surcharges, and provisions for different income groups and tax categories for the financial year 2024-2025.
Who it affects
Individuals, businesses, and institutions subject to income tax, customs, excise, and goods and services tax (GST) laws in India.
Key provisions
- Amends sections of the Income-tax Act, 1961 related to tax rates and surcharges
- Introduces new sections for tax computation
- Adjusts tax rates for different income levels and categories
- Amends provisions for agricultural income in tax calculation
- Introduces changes to customs, excise, and GST laws
- Creates the Direct Tax Vivad Se Vishwas Scheme, 2024 for tax disputes
Points worth noting
- This is a Finance Bill, not a Constitutional amendment
- It amends multiple tax laws including Income-tax, Customs, Excise, and GST
- It introduces a new tax dispute resolution scheme (Direct Tax Vivad Se Vishwas Scheme, 2024)
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | 55 |
| Status | closed (section: bill) |
| Year | 2024 |
| Closing date | — |
| Documents | 3 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_passed_both
THE-FINANCE-NO-2-BILL-2024-bill_passed_both.pdf
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Bill_introduced
2024-07-23
THE-FINANCE-NO-2-BILL-2024-bill_introduced.pdf
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Bill_passed_ls
2024-08-07
THE-FINANCE-NO-2-BILL-2024-bill_passed_ls.pdf
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