What is 'Finance Bill'

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• Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactionsRevised TDS rates from October 1: The Finance Bill has ratified several important proposals from the Union Budget 2024, including revised TDS rates effective October 1, 2024.
• How a leaked letter with Gadkari's grievances may change your insurance tax paymentsA leaked letter from Union Minister Nitin Gadkari to Finance Minister Nirmala Sitharaman has sparked discussions on removing GST from insurance premiums. The GST Council, chaired by Sitharaman, will meet today to discuss this and other topics like rate rationalisation and online gaming. Gadkari argues that taxing life insurance premiums is unfair and deters growth in the sector. However, several states oppose the proposal due to potential revenue losses. The meeting will explore options to balance consumer benefits and state revenues.
• 'Proverbial ostrich': Congress slams govt over 'unprecedented decline' in real wagesThe Congress asserted that slow wage growth and high inflation have caused a drop in real wages in India. Congress leader Jairam Ramesh referred to several surveys and data to underscore financial strain on workers. He also questioned the government's inaction on pressing economic concerns and noted declines in private investment and manufacturing.
• Focus on core banking a must: Sitharaman to banks at post-Budget RBI Board of Directors' meetingFinance Minister Nirmala Sitharaman urged banks to prioritize 'core banking' in a meeting with RBI's Central Board of Directors. The session reviewed budget provisions and the economic outlook after the 2024-25 Union Budget. The RBI kept the repo rate at 6.5%, forecasting a 7.2% economic growth rate for the fiscal year 2024-25.
• FM Nirmala Sitharaman attends RBI Board of Directors meetingUnion Finance Minister Nirmala Sitharaman attended a meeting with members of the Central Board of Directors of the Reserve Bank of India (RBI) on Saturday in New Delhi. The meeting took place after the Union Budget 2024-25 and subsequent passage of the finance bill in the Lok Sabha, along with some government-moved amendments.
• Realty LTCG: Taxpayers get to choose regimeThe Lok Sabha approved the Finance Bill with amendments to the long-term capital gains tax rules, letting taxpayers choose between a new lower tax rate or the old higher rate with indexation. Finance Minister Nirmala Sitharaman defended these changes, highlighting their aim to simplify taxation and benefit the middle class.
• Finance Bill should be renamed as 'tax trap bill': Opposition slams govtOpposition leaders accused the government of creating a Finance Bill that favors corporates at the expense of ordinary citizens. They raised issues about the lack of support for the unorganized sector, rising unemployment, and high GST on life and health insurance. Calls for better budget allocation and special economic packages were also made.
• Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable propertiesOn Wednesday, the Lok Sabha passed the Finance Bill 2024, which includes a major amendment to the long-term capital gains (LTCG) tax on real estate. Originally proposed to be reduced to 12.5% without indexation (which adjusts for inflation), Finance Minister Nirmala Sitharaman introduced an amendment allowing taxpayers to choose between the new 12.5% rate without indexation or the old 20% rate with indexation for properties bought before July 23, 2024.
• Without drastically raising taxes, govt has simplified taxation, benefiting middle class: Nirmala Sitharaman in Finance Bill replyEffective tax on annual income of Rs 15 lakh was reduced to 10% in 2023 and further reduced this year as well under new I-T regime, Sitharaman noted, adding that pending litigation and demands sorted under Vivad se Vishwas scheme helped middle class and small businesses.
• Finance Minister Nirmala Sitharaman defends tax measures through Union Budget in Lok SabhaFinance Minister Nirmala Sitharaman announced on Wednesday that recent amendments to the Finance Bill ensure no additional tax burden for long-term capital gains (LTCG) on real estate sales. Taxpayers can now choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024.