Finance Act 2024 Applicability

Finance Act 2024 Applicability. The finance act 2023 introduced an amendment to the income tax act by adding clause (h) to section 43b. The finance (no.2) bill, 2024, presented in lok sabha, incorporates a series of amendments impacting various financial and tax regulations.

The lok sabha has now passed the finance bill 2023 with a few additional amendments to the income tax, cgst, igst, and compensation cess acts, which were. The major amendment was on the levy of capital gains tax on immovable property transactions.