Income Tax amendments:
1. Time limit for tax incentives for eligible startups, units in IFSC and certain Sovereign Welfare and Pension Funds, expiring in March 2024, have been extended for one more year till 31.3.2025.

2. Petty Disputed Income Tax Demands upto Rs 25000 upto FY 2009-10 and of upto Rs 10,000 for FYs from 2010-11 to 2014-15, to be waived off by the Government. This is expected to benefit around 1 crore taxpayers.

3. The recent changes in TCS on LRS remittances and foreign tour packages announced in various press releases, have been incorporated in Legislative section 206C(1G), through amendments in the existing language of this section. There is no reduction in TCS from 20% to 5%.

4. The time limit for incorporation of Faceless Scheme for Income Tax Appellate Tribunals has been extended for one more year till 31.3.2025.

5. The threshold time limit for the benefit of reduced corporate tax rate u/s 115BAB of 15% plus surcharge, in case of a newly setup manufacturing Companies up to 31.3.2024, has unfortunately not been extended further. So new manufacturing Companies which are incorporated on or after 1.4.2024 will be taxed at 22% and not 15%, if they opt for the new regime.

The Finance Ministry has recently increased the import duties on gold and silver findings, as well as coins made of precious metals. The import duty on these items has been raised from the previous rate of 10 percent to 15 percent. The new import duty of 15 percent includes a Basic Custom Duty (BCD) of 10 percent and an Agriculture Infrastructure Development Cess (AIDC) of 5 percent.

The decision to hike the import duties on gold and silver findings and coins of precious metals has been made with the aim of regulating the import and sale of these items in the country. By increasing the import duties, the government seeks to discourage excessive imports and ensure a controlled supply of gold and silver items.

This move is expected to have several implications. Firstly, it may lead to an increase in the cost of gold and silver findings and coins, as the additional import duties will likely be passed on to the consumers. This may affect individuals who purchase or trade in these precious metal items.

Secondly, the increase in import duties could potentially impact the demand for gold and silver findings and coins. Higher prices resulting from the duty hike may deter some consumers, leading to a reduction in demand for these items.

Overall, the decision to raise import duties on gold and silver findings and coins of precious metals is aimed at regulating the import and sale of these items in India. By doing so, the government aims to control the supply, discourage excessive imports, and potentially safeguard the domestic industry.

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