India Lower House Considers 2024 Finance Bill

The Indian lower house of Parliament (Lok Sabha) Feb. 1 accepted for consideration Bill No. 14/2024, on the 2024 Finance Bill. The bill includes measures to: 1) extend tax benefits for start-ups to March 31, 2025, from March 31, 2024; 2) retain the previous tax rates for direct and indirect taxes, including import duties; 3) withdraw outstanding direct tax demands up to 25,000 rupees (US$301) for financial year 2009-10, and up to 10,000 rupees (US$120) for financial years 2010-11 to 2014-15; 4) establish surcharge rates for individuals, associations, co-operative societies, and domestic companies; 5) provide income tax rates for individuals, ...