From today, taxpayers can no longer use their Aadhaar Enrolment ID for tax-related purposes. The actual Aadhaar number must now be quoted, streamlining identification and enhancing security.
The government has made notable revisions to Tax Deducted at Source (TDS) rates. TDS for certain sections has been reduced from 5% to 2%, making tax deductions more favorable for taxpayers. Additionally, Section 194F, which imposed a 20% TDS, has been removed.
Interest earned on Floating Rate Savings Bonds, 2020 (Taxable), and other government securities will now attract tax if it exceeds ₹10,000 in a financial year. This change ensures that higher-income earners contribute more appropriately to tax revenues
on Futures and Options To generate additional revenue from speculative trading, the STT on futures is increased to 0.02%, while options trading will attract 0.1%.
he new DTVSV Scheme provides a mechanism for taxpayers to settle disputes with the tax department. Those who opt for early settlement before December 31, 2024, will benefit from lower settlement amounts, with older appellants facing higher settlement figures.