Finance (No. 2) Bill 2024 introduces direct tax dispute resolution scheme

This Bill implements the financial proposals of the Central Government for the financial year 2024-2025. It amends various tax laws, including income tax, customs, excise, and goods and services tax, and introduces a scheme for resolving direct tax disputes.

Individuals, Hindu undivided families, companies, associations of persons, bodies of individuals, artificial juridical persons, co-operative societies, and other entities subject to income tax, customs duties, excise duties, and goods and services tax in India.

• Sets income-tax rates for the assessment year commencing on April 1, 2024, including specific surcharge rates based on total income levels.
• Introduces the Direct Tax Vivad Se Vishwas Scheme, 2024, allowing declarants to pay a specified amount to resolve tax disputes and receive immunity from certain penalties and proceedings.
• Amends the Customs Act, Customs Tariff Act, Central Excise Act, and various Goods and Services Tax Acts (Central, Integrated, Union Territory, and Compensation to States).
• Amends the Prohibition of Benami Property Transactions Act, 1988, the Finance (No.2) Act, 2004, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, and the Finance Act, 2016.
• Specifies that sections 2 to 87 are deemed to have come into force on April 1, 2024, while sections 110 to 153 will come into force on a date appointed by the Central Government.

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