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GST Review June-2024

Income Tax Update – Highlights on Recent Amendments

Sonakshi Jhunjhunwala & Sunil Jhunjhunwala
CBDT Notification: Cost Inflation Index for Financial Year 2024: Notification No: F.NO. 44/2024/F. No. 370142/10/2024-TPL dated 24th May, 2024 The Central Board of Direct Taxes (CBDT) has notified Cost Inflation Index for financial year 2024-25 at “363”. Section 206CCA of the Income- Tax Act, 1961 - Special provision for collection of tax at source for non-filers of income-tax return - Specified person to whom higher collection of tax at source will not apply: Notification S.O. 2106(E) [No. 46/2024/F.No. 370142/8/2024-TPL], dated 27th May, 2024 Reserve Bank of India has been notified as the specified person to whom higher collection of tax at source will not apply. .......