THE FINANCE (NO. 2) BILL, 2024

The Finance (No. 2) Bill, 2024 aims to give effect to the financial proposals of the Central Government for the financial year 2024-2025, encompassing tax reforms and amendments to various laws. The bill is expected to have a significant impact on the Indian economy, particularly in the realms of taxation and corporate governance. The bill introduces various changes in tax rates, deductions, and exemptions, with the objective of simplifying the tax framework and promoting economic growth. Key provisions include amendments to the Income-tax Act, Goods and Services Tax Act, and other laws related to taxation and corporate law. Compliance considerations are crucial for businesses and individuals affected by the bill's provisions. Entities must assess their eligibility for changes in tax rates, deductions, and exemptions, and ensure timely compliance with new reporting requirements. The bill also introduces new penalties and interest rates for non-compliance, which may significantly impact taxpayers' financial obligations.