CBDT Circular 1/2024: Explanatory Notes on Provisions of Finance Act 2023
In a significant update on 23rd January 2024, the Central Board of Direct Taxes (CBDT) released Circular No. 1/2024, providing detailed explanatory notes on the provisions of the Finance Act 2023. This Finance Act, effective from 1st April 2023, plays a pivotal role in shaping the tax landscape of India, introducing amendments to tax rates, deductions, and compliance processes for both Direct and Indirect taxes.
Categories Covered in Circular No. 1/2024
Amendments in the Income Tax Act 1961
Revision of Securities Transaction Tax Rates
Rationalization of Benami Property Transactions
Extension of Income-tax Exemption to SUUTI
Why Taxpayers Should Take Note
Categories Covered in Circular No. 1/2024
The explanatory notes issued by CBDT under this circular has been brought under 4 different categories given below.
Amendments in the Income Tax Act 1961
CBDT’s circular extensively covers amendments made to the Income Tax Act 1961. Taxpayers are urged to delve into the circular to gain insights into the changes affecting their tax liabilities and obligations in the financial year 2023-24.
