Finance Acts

Amendment of section 10 In section 10 of the Income-tax Act,— (a)   with effect from the 1st day of April, 2025,— (i)   in clause (4D), in the Explanation, in clause (c), in sub-clause (i), item (I) shall be renumbered as item (I)(a) and after sub-item (a) as so renumbered, the following sub-item shall be […]

Amendment of section 2 In section 2 of the Income-tax Act,— (a)   in clause (22), with effect from the 1st day of October, 2024,— (I)   after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely:—     “(f) any payment by a company on purchase of its own

Income-tax (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2024, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in

Short title and commencement (1) This Act may be called the Finance (No. 2) Act, 2024. (2) Save as otherwise provided in this Act,— (a)   sections 2 to 87 shall be deemed to have come into force on the 1st day of April, 2024; (b)   sections 114 to 157 shall come into force