This blog post deciphers the significant changes to Capital Gains Tax in India, effective from July 23, 2024, as introduced in the Union Budget 2024. It simplifies the concepts of Short-Term and Long-Term Capital Gains, detailing the new holding periods and updated tax rates for various assets like listed shares, equity and debt mutual funds, property, and gold. The article highlights key implications for taxpayers and emphasizes the importance of professional advice from Myitronline for navigating these complex rules and optimizing investment strategies.

The Income Tax Department will implement new TDS (Tax Deducted at Source) laws on October 1, 2024, with the goal of reducing tax evasion and enhancing compliance. Raised TDS thresholds for independent contractors, new real estate sales regulations, cash payments, and rent payments to non-resident landlords are some of these modifications. To ensure that taxpayers stay compliant, this blog offers a thorough summary of all the latest regulations and how they affect different transactions.