Parliament Parliament of India
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.
Who it concerns: 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.
What the bill does
- 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.
Also in the document
- The Bill was introduced in the Lok Sabha on February 1, 2024.
- It is Bill No. 14 of 2024.
Where this bill is now: Became law (Act)
How this was written
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The original document
Parliament of India — Bills (Lok Sabha & Rajya Sabha)
Bill / law · Ref. 14 · 7 Feb 2024
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