Finance Bill 2024 introduces new tax rules for agricultural income
This Bill continues the existing income-tax rates for the financial year 2024-2025 and provides for certain relief to taxpayers. It also makes amendments in certain other enactments.
Individuals, Hindu undivided families, associations of persons, bodies of individuals, artificial juridical persons, co-operative societies, firms, local authorities, domestic companies, and companies other than domestic companies.
- Continues the provisions of section 2 and the First Schedule to the Finance Act, 2023 for the financial year commencing April 1, 2024.
- Specifies rules for calculating income-tax on net agricultural income exceeding five thousand rupees when total income exceeds two lakh fifty thousand rupees.
- Adjusts the threshold for agricultural income relief to three lakh rupees for senior citizens (60-79 years) and five lakh rupees for super senior citizens (80+ years).
- Sets surcharge rates for various categories of taxpayers (individuals, companies, co-operative societies, firms) based on total income slabs.
- Specifies that sections 2 to 10 come into force on April 1, 2024, while sections 11 to 13 come into force on a date appointed by the Central Government.
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2024-02-07
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Document details
| Official title | THE FINANCE BILL, 2024 |
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | 14 |
| Status | closed (bill) |
| Year | 2024 |
| Closing date | — |
| Documents | 3 |