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Act-
Enacted 2024

The Finance Act, 2024 (No. 2)

In force 174 sections Finance

An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.

Enacted 16 Aug 2024 Department Department of Revenue

Administered by. Ministry of Finance, Department of Revenue · Other Acts of 2024

What this Act covers

The Finance Act for 2024. Its First Schedule carries the rates of income-tax for the year; the rest amends the Income-tax Act and the other fiscal statutes. The rate of tax for a year is fixed here and not in the Income-tax Act.

Sections

Type to filter. 174 sections.

  1. 1Short title and commencement
  2. 2Income-tax
  3. 3Amendment of section 2
  4. 4Amendment of section 10
  5. 5Amendment of section 11
  6. 6Amendment of section 12A
  7. 7Amendment of section 12AB
  8. 8Insertion of new section 12AC
  9. 9Amendment of section 13
  10. 10Amendment of section 16
  11. 11Amendment of section 28
  12. 12Amendment of section 36
  13. 13Amendment of section 37
  14. 14Amendment of section 40
  15. 15Amendment of section 43D
  16. 16Amendment of section 44B
  17. 17Insertion of new section 44BBC
  18. 18Amendment of section 46A
  19. 19Amendment of section 47
  20. 20Amendment of section 48
  21. 21Amendment of section 50AA
  22. 22Amendment of section 55
  23. 23Amendment of section 56
  24. 24Amendment of section 57
  25. 25Amendment of section 80CCD
  26. 26Amendment of section 80G
  27. 27Amendment of section 92CA
  28. 28Amendment of section 94B
  29. 29Amendment of section 111A
  30. 30Amendment of section 112
  31. 31Amendment of section 112A
  32. 32Amendment of section 113
  33. 33Amendment of section 115AB
  34. 34Amendment of section 115AC
  35. 35Amendment of section 115ACA
  36. 36Amendment of section 115AD
  37. 37Amendment of section 115BAC
  38. 38Amendment of section 115E
  39. 39Amendment of section 115QA
  40. 40Amendment of section 132B
  41. 41Amendment of section 139
  42. 42Amendment of section 139AA
  43. 43Amendment of section 144C
  44. 44Substitution of new sections for sections 148 and 148A
  45. 45Substitution of new section for section 149
  46. 46Substitution of new section for section 151
  47. 47Amendment of section 152
  48. 48Amendment of section 153
  49. 49Substitution of new Chapter for Chapter XIV-B
  50. 50Amendment of section 192
  51. 51Amendment of section 193
  52. 52Amendment of section 194
  53. 53Amendment of section 194C
  54. 54Amendment of section 194DA
  55. 55Omission of section 194F
  56. 56Amendment of section 194G
  57. 57Amendment of section 194H
  58. 58Amendment of section 194-IA
  59. 59Amendment of section 194-IB
  60. 60Amendment of section 194M
  61. 61Amendment of section 194-O
  62. 62Insertion of new section 194T
  63. 63Amendment of section 196B
  64. 64Amendment of section 196C
  65. 65Amendment of section 197
  66. 66Amendment of section 198
  67. 67Amendment of section 200
  68. 68Amendment of section 200A
  69. 69Amendment of section 201
  70. 70Amendment of section 206C
  71. 71Amendment of section 230
  72. 72Amendment of section 244A
  73. 73Amendment of section 245
  74. 74Amendment of section 245Q
  75. 75Amendment of section 245R
  76. 76Amendment of section 246A
  77. 77Amendment of section 251
  78. 78Amendment of section 253
  79. 79Amendment of section 271FAA
  80. 80Insertion of new 271GC
  81. 81Amendment of section 271H
  82. 82Amendment of section 273B
  83. 83Amendment of section 275
  84. 84Amendment of section 276B
  85. 85Amendment of section 276CCC
  86. 86Amendment of section 285
  87. 87Amendment of First Schedule
  88. 88Short title and commencement
  89. 89Definitions
  90. 90Amount payable by declarant
  91. 91Filing of declaration and particulars to be furnished
  92. 92Time and manner of payment
  93. 93Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases
  94. 94No refund of amount paid
  95. 95No benefit, concession or immunity to declarant
  96. 96Scheme not to apply in certain cases
  97. 97Power of Board to issue directions, etc
  98. 98Power to remove difficulties
  99. 99Power to make rules
  100. 100Amendment of section 28DA
  101. 101Amendment of section 65
  102. 102Amendment of section 143AA
  103. 103Amendment of section 157
  104. 104Retrospective effect to notification issued under sub-section (1) of section 25 of Customs Act, read with sub-section (12) of section 3 of Customs Tariff Act
  105. 105Retrospective amendment of notification issued under sub-section (1) of section 25 of Customs Act read with section 124 of Finance Act
  106. 106Amendment of section 3
  107. 107Omission of section 6
  108. 108Amendment of section 8B
  109. 109Amendment of section 9
  110. 110Amendment of section 9A
  111. 111Amendment of First Schedule
  112. 112Amendment of notification issued under section 5A of Central Excise Act, retrospectively
  113. 113Amendment of notification issued under section 5A of Central Excise Act, retrospectively
  114. 114Amendment of section 9
  115. 115Amendment of section 10
  116. 116Insertion of new section 11A
  117. 117Amendment of section 13
  118. 118Amendment of section 16
  119. 119Amendment of section 17
  120. 120Amendment of section 21
  121. 121Amendment of section 30
  122. 122Amendment of section 31
  123. 123Amendment of section 35
  124. 124Amendment of section 39
  125. 125Amendment of section 49
  126. 126Amendment of section 50
  127. 127Amendment of section 51
  128. 128Amendment of section 54
  129. 129Amendment of section 61
  130. 130Amendment of section 62
  131. 131Amendment of section 63
  132. 132Amendment of section 64
  133. 133Amendment of section 65
  134. 134Amendment of section 66
  135. 135Amendment of section 70
  136. 136Amendment of section 73
  137. 137Amendment of section 74
  138. 138Insertion of section 74A
  139. 139Amendment of section 75
  140. 140Amendment of section 104
  141. 141Amendment of section 107
  142. 142Amendment of section 109
  143. 143Amendment of section 112
  144. 144Amendment of section 122
  145. 145Amendment of section 127
  146. 146Insertion of new section 128A
  147. 147Amendment of section 140
  148. 148Amendment of section 171
  149. 149Amendment of Schedule III
  150. 150No refund of tax paid or input tax credit reversed
  151. 151Amendment of section 5
  152. 152Insertion of new section 6A
  153. 153Amendment of section 16
  154. 154Amendment of section 20
  155. 155Amendment of section 7
  156. 156Insertion of new section 8A
  157. 157Insertion of new section 8A
  158. 158Amendment of Act 45 of 1988
  159. 159Amendment of Act 14 of 2001
  160. 160Amendment of Act 20 of 2002
  161. 161Amendment of Act 32 of 2003
  162. 162Amendment of Act 23 of 2004
  163. 163Amendment of Act 18 of 2005
  164. 164Amendment of Act 22 of 2015
  165. 165Amendment of Act 28 of 2016
  166. 166Amendment of Act 13 of 2018
  167. 167Amendment of Act 12 of 2020
  168. 168Amendment of Act 13 of 2021
  169. First Schedule-
  170. Second Schedule-
  171. Third Schedule-
  172. Fourth Schedule-
  173. Fifth Schedule-
  174. Sixth Schedule-

Related Acts

Provenance. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 174 sections of this Act has its own page. This page is not a substitute for legal advice.