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The Finance Bill, 2024 introduces a new section 194T under the Income Tax Act to mandate the deduction of tax at source (TDS) by partnership firms on certain payments to partners. Key points of this amendment include:

1. **Introduction of Section 194T**: Partnership firms must deduct TDS on payments such as salary, remuneration, commission, bonus, or interest to their partners.

2. **TDS Rate and Threshold**:
- The TDS rate is set at 10%.
- No TDS is required if the total payment to a partner does not exceed Rs 20,000 in a financial year.

3. **Effective Date**: The new TDS provision will be effective from April 1, 2025 (Assessment Year 2025-26 onwards).

4. **Timing of Deduction**: TDS must be deducted either at the time of crediting the sum to the partner's account (including capital account) or at the time of actual payment, whichever occurs earlier.

This amendment aims to bring transparency and compliance in financial transactions within partnership firms.

Highlights of Interim Budget for 2024-25
Highlights of the Interim Budget for 2024-25 (Apr-Mar), presented by Finance Minister Nirmala Sitharaman in Lok Sabha today:
* Economy has seen positive transformation in last 10 years
* Undertook structural reforms, pro-people programmes
* Structural reforms undertaken, reforms implemented
* Structural reforms led to conditions for more employment
* Developmental reforms bore fruit, reached large scale
* Govt overcame pre-2014 challenges with sabka sath sabka vikas
* Govt built on Sabka Saath, Sabka Vikas, Sabka Vishwas mantra
* Country got new sense of purpose, hope
* Economy got new vigour under this govt
* Economy saw vigour, fruits of reform started showing
* In 2nd term, govt doubled efforts to build a prosperous economy
* Development philosophy included social, geographical strata
* People are looking ahead with hope and optimism
BUDGET:20 mln houses to be built in next 5 yrs under rural house plan
BUDGET:Close to achieving aim of 30 mln houses under PM-AWAS (Rural)
BUDGET: Rooftop solarisation plan shows PM's resolve
BUDGET: Rooftop solar to help households save 15,000-18,000 rupees
BUDGET:Roof solar plan to give 10 mln houses 300 units free power/mo
BUDGET: Households to sell surplus solar power to distribution cos
BUDGET: Electric vehicle sector to generate business, jobs for youth
BUDGET: To launch housing plan for middle class
BUDGET: Housing plan for middle class living in rented houses, slums
BUDGET: To set up medical colleges by using current hospital infra
BUDGET: Panel to study issues on setting up more medical colleges
BUDGET: To bring maternal, child care health schemes under one plan
BUDGET: Ayushman Bharat cover to be extended to all ASHA workers
BUDGET: To expedite POSHAN 2.0 to improve nutrition delivery
BUDGET:To boost vaccination of 9-14 yr old girls for cervical cancer
BUDGET:To roll out 'You-win' for immunisation under 'Indradhanush'
BUDGET: To step up agri-food processing, farmer income
BUDGET: To promote, pvt, public invest in post-harvest activity
BUDGET:Application of Nano DAP on crops to be expanded in all zones
BUDGET: Farm sector to get modern storage, supply chains, branding
BUDGET: To plan strategy for self-sufficiency in oilseeds
BUDGET: To formulate programme to support dairy farmers
BUDGET: Efforts on to control foot-on-mouth diseases
BUDGET: Strategy to focus on mustard, groundnut self-suffficiency
BUDGET: To empower existing dairy plants to up productivity
BUDGET: Matsya Sampada resulted in doubling of aqua culture output
BUDGET: India big milk producer with low milch animal productivity
BUDGET: To set up 5 integrated acqua parks
BUDGET: Aim to be self-sufficient in sunflower, soybean output
BUDGET: Fisheries scheme to help reach 1 trln exports target
BUDGET: To set up 5 integrated aqua parks
BUDGET: Success of SHGs led to creation of 10 mln Lakhpati Didis
BUDGET: Seafood exports have doubled since FY14
BUDGET: 8.3 mln SHGs with 90 mln women transforming rural econ
BUDGET: Opportunities for India at global level expanding in tech
BUDGET: To up 'lakhpati didi' target to 3 mln from 2 mln
BUDGET: Innovation is foundation of development
BUDGET: India showing tech solution to world via entrepreneurs
BUDGET: Corpus of 1 trln rupees for youth
BUDGET: Nil/low interest rates under loans to tech-savy youth scheme
BUDGET: Need programmes to combine power of youth with technology
BUDGET: To launch plan to strengthen deep tech in defence
BUDGET: Youth plan to boost pvt sector innovation in surise domain
BUDGET: FY25 capex outlay 11.11 trln rupees
BUDGET: FY25 capex outlay at 3.4% of GDP
BUDGET: Build 3 railway corridors - energy, mineral, cement
BUDGET: 1 trln rupee corpus to give interest-free loan to youth
BUDGET: To have port connectivity, high traffic density corridors
BUDGET: 1 trln rupee corpus to give 50-year loan to youth
BUDGET:Improved PM Gati Shakti plan to improve logistics, cut costs
BUDGET: Rail corridor plans to reduce costs, boost GDP growth
BUDGET: 3 rail connectivity corridors under PM Gati Shakti plan
BUDGET: To convert 40,000 rail bogies to Vande Bharat standards
BUDGET: Improved PM Gati Shakti plan to help passenger train ops
BUDGET: Number of airports doubled to 149 in last 10
BUDGET: Air connectivity to tier 2, 3 cities via UDAN a success
BUDGET: To continue with development, expansion of airports
BUDGET: 517 new routes under UDAN to tier 2, 3 cities
BUDGET: To expand metro rail, Namo Bharat to more cities
BUDGET: Viable gap funding for offshore wind energy to generate 1 GW
BUDGET: To set up 100 tn coal gasification capacity by 2030
BUDGET: To give fincl aid to support biomass aggregation machinery
BUDGET: To support large cities for transit-oriented development
BUDGET:Coal gasification to cut natural gas, methanol, ammonia import
BUDGET: Encourage adoption of e-buses via payment security mechanism
BUDGET: To launch bio mfg, bio foundry scheme for green growth
BUDGET: Govt to support e-vehicle expansion, manufacturing
BUDGET:Biomass schemes to help tranform consumptive mfg process
BUDGET:Biomass schemes to help tranform consumptive mfg process
BUDGET: Aim to set up comprehensive tourist centres
BUDGET: Govt to support expansion of e-vehicle charging infra
BUDGET: G20 success boosted India's tourism
BUDGET: Middle class aspires to travel, explore
BUDGET: States to take up development of iconic tourism centres
BUDGET: To bring framework to rate tourist centres' facilities
BUDGET: Tourism, spiritual tourism give tremednous opportuinty
BUDGET: Tourism, spiritual tourism give tremednous opportunity
BUDGET: Take up projects for port connectivity in island territories
BUDGET: To give states long-term interest-free loans for tourism
BUDGET: Need many development reforms in states
BUDGET: FDI inflows during 2014-23 $596 bln, double of 2005-14
BUDGET: Negotiating with bilateral partners for foreign investment
BUDGET:Take up projects for tourism infra in islands like Lakshadweep
BUDGET: Moots 750-bln-rupee interest free loan to states for reforms
BUDGET: To set up panel to address challenges from population growth
BUDGET:To provide 750 bln rupees FY24 to states for progress targets
BUDGET: Panel on population to recommend for goal of Viksit Bharat
BUDGET: Committed to strengthen, expand econ with high growth
BUDGET: Overcame old challenges through economic management, governance
BUDGET: To present roadmap of Viksit Bharat in full Budget Jul
BUDGET: FY24 revised tax receipts 23.24 trln rupees
BUDGET: FY24 revised estimate revenue receipts 30.03 trln rupees
BUDGET: FY24 RE for total receipts 27.56 trln rupees
BUDGET: FY24 expense revised estimate 44.90 trln rupees
BUDGET: FY24 fiscal deficit pegged at 5.8% of GDP
BUDGET: FY24 total expenditure 44.9 trln rupees
BUDGET: FY24 fiscal deficit pegged at 5.8% of GDP vs 5.9% in Budget
BUDGET: FY25 total receipts 30.8 trln rupees
BUDGET: FY25 tax receipts pegged at 26.02 trln rupees
BUDGET: To continue interset-free capex loan to states FY25
BUDGET: Continued on path of fiscal consolidation
BUDGET: FY25 total expense seen 47.66 trln rupees
BUDGET: FY25 fiscal deficit pegged at 5.1% of GDP
BUDGET: FY25 fiscal deficit seen 5.1% of GDP
BUDGET: Interest-free capex loan to states FY25 at 1.3 trln rupees
BUDGET: Committed to cut fiscal deficit to 4.5% by FY26
BUDGET:FY24 fiscal deficit better irrespective of lower nominal GDP
BUDGET: FY25 gross mkt borrowing pegged at 14.13 trln rupees
BUDGET: FY25 net market borrowing pegged at 11.75 trln rupees
BUDGET: FY25 net mkt borrowing pegged at 11.7 trln rupees
BUDGET: Lower govt borrow to help pvt sector to borrow more
BUDGET: Lower borrow by centre to aid larger borrow by pvt cos
BUDGET: Assure taxpayers contribution used on development, welfare
BUDGET: Focus has been to improve taxpayer svcs in last 5 yrs
BUDGET: Tax return filing simpler on updated tax return norms
BUDGET: GST reduced compliance burden on trade, industry
BUDGET: Avg processing time of tax returns 10 days from 93 days FY14
BUDGET: Industry has acknowledged benefits of GST
BUDGET: Tax base of GST more than doubled
BUDGET: Avg GST mop-up doubled to 1.66 trln rupees
BUDGET: States' tax buoyancy 1.22 after GST rollout vs 0.72 earlier
BUDGET: Biggest beneficiary of GST reforms is the consumer
BUDGET: Taken steps on customs to facilitate international trade
BUDGET:Import release time came down in last 4 yrs on custom reforms
BUDGET: Retain tax rates for direct, indirect taxes
BUDGET: Do not propose any tax changes for FY25
BUDGET: No changes in taxation
BUDGET: To retain direct, indirect taxes, including import duties
BUDGET: To extend certain tax benefits to start-ups to Mar 2025 '
BUDGET:To extend certain tax benefits to sovereign funds to Mar 2025
BUDGET: 10 mln taxpayers to benefit from old tax demand withdrawal
BUDGET:Withdraws pre-FY10 disputed tax demand of up to 25,000 rupee
BUDGET: In 2014, need was to give hope to people, support reforms
BUDGET:Crises of earlier years overcome, econ put on high-gowth path
BUDGET: In 2014, need was to attract invest, govt did successfully
BUDGET:Crises of earlier years overcome, econ put on high-growth path
BUDGET:To lay white paper on lessons from mismanagement before 2014
BUDGET:Withdraws FY10-15 disputed tax demand of up to 10,000 rupee

EPF Big Update! EPFO Circular: Aadhaar Removed as Proof of Date of Birth Documentation

https://youtu.be/S6gmbYldKG0?si=r-zT6YNzG2Deq6wK

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