Budget 2024: The Impact of Section 74A on GST Demand Notices and Orders
Budget 2024 has introduced a new provision, Section 74A, which aims to bring clarity to the insurance sector and reduce compliance costs for startups. This blog post provides an in-depth analysis of Section 74A, its features, penalty provisions, and implications on the insurance sector and startups.
Budget 2024: An Examination of the New Section 74A
The Finance Minister Nirmala Sitharaman's Budget 2024 includes a number of modifications to the tax code, one of which is the addition of a new section, 74A. We shall examine the new section and its ramifications in this blog.
Describe Section 74A
Regretfully, there is no information about Section 74A to be found in the search results. It's possible that there isn't much discussion of this area or that it has nothing to do with the Budget 2024. We can talk about the other adjustments made in the Budget 2024, though.
Modifications to the Tax System
The tax structure under the new tax regime for the FY 2024–2025 has been proposed to change in the Budget 2024. Here is how the tax structure has been updated:
| Income | Tax Rate |
|---|---|
| ₹0-3 lakh | 5% |
| ₹3-7 lakh | 5% |
| ₹7-10 lakh | 10% |
| ₹10-12 lakh | 15% |
| ₹12-15 lakh | 20% |
| Over ₹15 lakh | 30% |
Standard Deduction
For salaried individuals, the standard deduction has been raised from ₹50,000 to ₹75,000. In a similar vein, under the new system, the deduction for family pensions of those with pension income has been raised from ₹15,000 to ₹25,000 provided they submit taxes.
Rates of TDS
The TDS rates on certain payments have been lowered in the Budget 2024 in an effort to boost taxpayer compliance and encourage enterprise. The specified payments are displayed in the table below:
| Section | Existing TDS Rate | Proposed TDS Rate | Effective Date |
|---|---|---|---|
| Section 194D | 5% | 2% | April 1, 2025 |
| Section 194G | 5% | 2% | October 1, 2024 |
| Section 194H | 5% | 2% | October 1, 2024 |
| Section 194-IB | 5% | 2% | October 1, 2024 |
| Section 194M | 5% | 2% | October 1, 2024 |
| Section 194-O | 1% | 0.1% | October 1, 2024 |
In Summary
A number of adjustments to the tax structure have been made, including a drop in TDS rates and an increase in the basic deduction, according to the Budget 2024. Nevertheless, there is no information accessible regarding Section 74A. We will have to wait for any new information or explanation on this section.
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Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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