Budget 2024 Updates

FM proposes to lessen tedium of TDS; reduces rates in many casesFM overhauls capital gains regime; to come into play from todayFM hikes exemption limit for long-term capital gain to Rs 1.25 lakh + hikes tax rate to 12.5% on specified financial assetsTourism: Temple corridors to be developed in BiharCGST - Finance Bill proposes to amend Sec 9 to take ENA out of purview of GST + inserts Sec 11A to regularise non-levy of tax on general practice in tradeCGST - Sub-sections to be inserted in Act to relax time-limit to avail ITC u/s 16(4) + New Sec 74A proposed to provide for common time limit for demand notices in fraud cases3.4% of GDP allocated as Capital expenditure to support infra sectorCGST - Proviso to be inserted in Sec 30(2) to provide for enabling conditions for revocation of registration + Amendment in Sec 39 to mandate return filing by TDS deductors even if there is no deduction in a particular monthIGST - Amendment proposed to prohibit refund of unutilised ITC on zero-rated supplyIncome tax - Finance bill revamps re-assessment regime againCustoms - Finance Bill proposes to amend Sec 28DA for acceptance of different types of proof of origin under FTAsFM hikes standard deduction to Rs 75K for new ITR regime + revises tax rates for all income slabs + Rs 7000 Cr revenue foregoneIncome tax - Search & Seizure cases - Block assessment is backBudget withdraws 2% equalisation levyFM reduces corporate tax rate for foreign companies to 35%FM proposes vivad se vishwas scheme + hikes monetary limits for filing appealsFM proposes 20% capital gains tax on short-term assets + listed financial assets held for more than one year to be classified as long-termGovt scraps TDS on Mutual Funds + decriminalises delay in depositing TDS + rationalisation of compounding of offences + revamps reassessment periodBudget proposes comprehensive review of I-T Act, 1961 + simplifies provisions for charities and TDSFM reduces customs duty on gold and silver to 6% + Nil BCD on nickel cathodeBudget proposes to reduce BCD on mobile phone and chargers to 15% + exempts 25 minerals from customs dutyFM exempts cancer medicines from Customs duty + amends BCD for various machinesFM proposes Rs 48 lakh expenditure outlay; 4.9% fiscal deficitFM announces Rs 1 lakh crore fund for developing space economyPromotion of Tourism - Vishnupad temple and Bodh Gaya temple corridors to be supportedFM announces over Rs 11 lakh crore capital expenditure in current fiscalGovt to invest in small Nuclear energy plants in partnership with private playersCentre to ask States to lower stamp duty for women purchasers of housesIBC - More Benches of NCLT to be set up to speed up recoveryFM spikes limit of Mudra loan to Rs 20 lakhsBudget offers financial aid to labour-intensive MSMEs in manufacturing sectorGovt announces 3 crore additional houses under PM SchemeGovt to secure Rs 15K loan for AP from multilateral agenciesGovt to frame new policy for all-round development of Bihar, Jharkhand and OdishaGovt to give one-month salary to all new recruits in formal sector through EPFOGovt to promote vegetable clusters closer to urban settlementsGovt to focus on productivity of agriculture with climate-resilient seedsFM allocates Rs 2 lakh outlay for PM's five schemes for job creation and farmersFM Nirmala Sitharaman presents 7th Union Budget in ParliamentBudget 2024: FM arrives at Parliament; Speech to begin at 11AMEconomic Survey 2023-24 - from GST PerspectiveUkrainian FM goes on tour to ChinaI-T- Additions framed u/s 69A are untenable where affidavits submitted by assessee's parents to explain source of cash deposits, were discarded by AO without consideration : ITATSurvey acknowledges productivity loss due to mental health disordersI-T- Short term capital gains returned by the assessee in terms of provisions of section 50 of the Act on assets held for a period of more than 36 months be treated as long term capital gains: ITATExpenditure on social services up from 6.7% to 7.8% of GDP: SurveyI-T-Additions framed u/s 68 are upheld where assessee is unable to prove genuineness of transaction involving purchase and sale of penny stock: ITATTrade deficit contracts to USD 78 bn from USD 126 bn in 2023I-T-Re-assessment is invalidated when there is no failure on part of assessee to make full and true disclosure of facts necessary for assessment: ITATCorporate profitability has peaked to 15-yr-old high between 2020-2023: SurveyI-T- When cash generated out of sales has been credited in the books of accounts, the provisions of Sec.69A could not be invoked: ITATBudget 2024: More relief for senior citizens & individual taxpayers on card; tweaking of capital gains tax likely; steady capital expenditure to stayI-T- If any amount invested is purely a strategic investment & for purpose of commercial expediency, then AO cannot hold such investments to be for non-business purpose: ITATGoogle backpedals on plan to scrap cookies from ChromeCus - For a HNWI individual, an expensive watch of 'Rolex' make would be his personal effect but same may not be the case if the person is of mere means - Pendant studded with diamonds not liable for confiscation: HCGovt amends Recruitment Rules for Debts Recovery TribunalGST - Even if no date, time or place of hearing is indicated in the notice issued, it was the duty of assessee to file his reply to SCN, which was admittedly received - Plea regarding violation of principles of natural justice cannot be countenanced: HCAbhinav Bindra conferred with Olympic OrderGST - Mismatch between value of e-way bills generated on portal and returns filed in Form GSTR-3B - Petitioner did not provide a comprehensive explanation - To remit sum of Rs.3.50 crores within six weeks - Matter remanded: HCHackers mercilessly hack Bangladesh PM’s website along with police portalsGST - Rule 30 of Rules, 2017 - Assessing officer ought to have issued summons and obtained clarification rather than estimating the outward supply value at 110% of purchase value - Order set aside and matter remanded subject to remit of 10% disputed tax demand: HCUS law-makers call for resignation of Secret Service chief in Trump assassination caseGST - Net ITC shown incorrectly - An inadvertent error was committed and such error was rectified, albeit irregularly, however, sum recovered from petitioner's bank account - Order set aside and matter remanded: HCKarnataka IT Industries piling pressure on govt to extend working hoursGST - Since notification is declared unconstitutional, Amount of IGST paid pursuant to Entry No. 10 of Notification No. 10 of 2017 is to be refunded along with statutory interest: HCStudy says earth’s water depleting fastFDI inflows slide to USD 26.5 bn in 2024 from USD 42 bn in 2023: Economic Survey
EC kicks off updation of Electoral Rolls for Haryana, Jharkhand, Maharashtra & J&K


By TIOL News Service

NEW DELHI, JUNE 22, 2024: AFTER successful completion of General Election to the 18th Lok Sabha, the Election Commission of India has initiated the preparations for forthcoming State Assembly Elections in the States of Haryana, Maharashtra and Jharkhand with updation of the electoral rolls in these states w.r.t. July 1, 2024 as the qualifying date. The term of the existing Legislative Assemblies in the three states are going to end on 03.11.2024, 26.11.2024 and 05.01.2025 respectively and elections to these Legislative Assemblies are required to be conducted before the completion of their terms.

Besides, General Election to the Legislative Assembly of UT of Jammu & Kashmir (J&K) is also to be conducted for constituting a new house after delimitation of Constituencies. Witnessing the huge participation of the people of Jammu and Kashmir in the recently concluded Lok Sabha Elections, the Commission has also directed for the updation of the electoral rolls in the UT of J&K with July 1, 2024 as the qualifying date. It may be recalled that CEC Rajiv Kumar in the last press conference had remarked that "the story of huge participation in Lok Sabha elections by people of J&K is very hopeful and inspiring, showing how eager people are to participate in democracy. It's crucial for people to stay peaceful and united, fulfilling their aspirations and decide their future and governance. The Commission is excited and gratified to help make this happen and will soon start the Assembly election process in J&K".

The last Special Summary Revision of Electoral Rolls was conducted in all the States and UT w.r.t. 1st January, 2024 as the qualifying date. After the amendment in the Section 14 of the Representation of the People Act, 1950 by the Election Laws (Amendment) Act, 2021 the provision of four qualifying dates in a year is available now. Accordingly, the Commission, for the purpose to provide ample opportunity to all eligible and unenrolled citizen to get themselves enrolled in the electoral roll and thereby get the chance to vote in the upcoming elections, has decided to conduct 2nd Special Summary Revision (SSR) of Electoral Rolls w.r.t. 01.07.2024 in the states of Haryana, Jharkhand, Maharashtra and UT of Jammu & Kashmir.

The Commission firmly believes that pure, inclusive and updated electoral rolls are the foundation of free, fair and credible elections. To ensure the fidelity of electoral roll, the Commission is giving special emphasis on the conduct of intensive pre-revision activities before the publication of draft electoral roll.

Pre-revision activities would mainly include:

A. House to House survey by the BLOs: Booth Level Officers shall make house to house visits within their area of jurisdiction to collect the following information:

- Un-enrolled eligible citizen (eligible on 01.07.2024)

- Multiple entries/dead electors/permanently shifted electors

- Corrections in the ER entries

B. Rationalization/Re-arrangement of Polling Stations:

The Commission has been endeavouring for rationalisation of the polling stations with a view to bring the polling stations nearer to even smaller habitation for the convenience of voters and, at the same time eliminating the scope of intimidation, silent or otherwise, which inhibits free exercise of voting rights. With the same intent, the Commission before the Lok Sabha elections 2024 vide its instructions dated 22nd September, 2023 had directed to the Chief Electoral Officers of all the States/UTs for the setting up of polling stations at locations most convenient to electors in the High Rise/Group Housing societies, slum dwelling clusters in urban area and also where outgrowth has taken place in the expanding urban/semi-urban/rural areas. It has been experienced during the recently held Lok Sabha elections that there were a substantial high percentage of voting turnout in such polling stations in comparison to the polling stations set up apart from the residential societies, etc. Therefore, the Commission once again directed CEOs of these states/UT to conduct an extensive survey during the ongoing exercise of rationalization of polling stations to identify those urban areas where Group Housing Societies and high-rise residential buildings are located having adequate rooms/common facilitation area/community halls/schools for the purpose of setting up a polling station to cater to the resident electors, after following the due procedure.

C. Improvement of image quality ensuring good quality photographs , by replacing blurred, poor quality and not to specification and non-human images in the roll, wherever necessary.

The schedule for the SSR would be as follows:

S. No.



Pre-revision activities


a. H2H verification through BLOs

b. Rationalization/Re-arrangement             of     Polling Stations

25.06.2024 (Tuesday) to

24.07.2024 (Wednesday



c. Removal of discrepancies in the Electoral roll/EPIC

d. Improvement of image quality ensuring good quality photographs, by replacing blurred, poor quality and not to specification and non-human images in the roll, wherever necessary

e. Recasting of Section/Parts and Finalization of proposed restructuring of section/part boundaries location of polling stations and getting approval of list of polling stations

f. Updation of Control table

g. Preparation of Format 1 to 8

h. Preparation of integrated draft roll with reference to 01.07.2024 as the qualifying date


Revision Activities


Publication of Integrated draft electoral roll.

On 25.07.2024 (Thursday)


Period for filing claims & objections

25.07.2024 (Thursday) to

09.08.2024 (Friday)


Special campaign dates

Saturdays and Sundays within claims and objection period

(to be fixed by the CEO)


(i.) Disposal of claims and objections

(ii.) Checking of health parameters and obtaining Commission's permission for final publication

(iii.) Updating database  and printing of supplements

By 19.08.2024 (Monday)


Final publication of electoral roll

On 20.08.2024 (Tuesday)

The Commission's intensive and sustained focus has always been in ensuring inclusivity, purity and health of electoral roll so that no eligible citizen is deprived of their right to be included in the electoral roll and to maintain error free electoral roll without any duplicate and ineligible entries, to the extent possible. Therefore, the Commission appeals to all the eligible citizens to come forward to get themselves enrolled in the electoral roll, if not enrolled so far, to exercise their voting right in the forthcoming elections.


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