October 2024: From TDS to saving schemes, 13 changes that will impact you

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October 2024: From TDS to saving schemes, 13 changes that will impact you - Business Standard

Quick Summary:

Section 194-IB: The TDS on rent payments by certain individuals or HUFs is now reduced from 5% to 2%.

Accounts opened in violation of this rule will earn a reduced interest rate of 4%, instead of the usual 7.1%.

Those willing to settle the dispute before December 31, 2024, will need to pay either the full tax amount or up to 25 per cent of the disputed tax amount, interest, penalty, or fee.