On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, “This circular elucidates the essence of the provisions of the FA 2023 related to direct taxes.” The circular clarifies the modifications to the Income Tax Act, including prevailing tax rates for the 2023–24 assessment year. It also explains changes to rates for tax deductions at source and advance tax payments.
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