Income Tax Amendment Act 2024. This amendment, now effective from january 15, 2024, broadens the scope of income tax exemptions to include terminal payouts received by both employees and pensioners, applicable to retirement and certain early withdrawals. Highlights include revised tax slabs, increased deductions, and simplified taxation.
The amendment expands the definition of retirement fund to include the provision of. The finance act sections 1 to 99 (page 1 to 54) amends income tax act, section 158 (page 68 to 69) amends prohibition of benami property transactions act and section 164 (page 70 to 71) amends black money act.
