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Source: Live Mint The term “advance tax” describes the portion of income tax that must be paid in instalments by the deadlines rather than all at once. Both individuals and businesses must pay income tax in advance in recurring instalments rather than in one lump sum. If taxpayers’ income tax liability exceeds ₹10,000, they must…
Source: Live Mint Union Finance Minister Nirmala Sitharaman announced income tax changes in the Union Budget 2024, with certain updates scheduled to take effect from October 1. These crucial proposals, approved in the Finance Bill, include revised TDS rates that will be implemented on that date. What is Tax Deducted at Source (TDS)? TDS is…
Source: Live Mint Starting October 1, 2024, significant changes will be implemented in the taxation of share buybacks, shifting the tax burden from companies to shareholders. Companies are taxed at 23.296 per cent on buyback transactions, covering surcharges and cess, while shareholders face no tax on the buyback proceeds. Under the new rules, buyback proceeds…
