LS discusses Finance Bill; Oppn attacks tax on insurance, agri equipment
The House discussed the Finance (No 2) Bill, 2024, moved by Finance Minister Nirmala Sitharaman, along with the Union Budget, 2024-25.
The House discussed the Finance (No 2) Bill, 2024, moved by Finance Minister Nirmala Sitharaman, along with the Union Budget, 2024-25.
Taxation proposals approved, and a committee on pension system for government employees proposed.
With the Finance Bill 2023 having been passed in Lok Sabha through voice vote, it has suggested a slew of amendments namely hike in the withholding tax from 10 per cent to 20 per cent on royalty and fees for technical services payments to non-residents and waiver of surcharge on capital gains earned by GIFT Category III.
The Finance Minister defended faceless assessment by the income tax department saying it disallowed scope for personal discretion.
The amendments will confer the power to Pooled Investment Vehicles (defined to include AIFs, REITs, InvITs etc) to borrow and issue debt securities.
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