No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government s Make In India initiative.
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Income tax rules say that if an individual s estimated tax liability for the financial year after subtracting tax deducted at source (TDS) is over Rs 10,000 then advance tax has to be paid. If this is not done then penalty under section 234C is levied. However there exists certain incomes where this penalty is not applicable.
Filing of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign assets. Failing to file schedule FA along with ITR would mean violation of Black Money Act which would mean a flat penalty of Rs 10 lakh for each defaulting year.