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India: Tax measures in budget 2024-2025

No announcement regarding India’s adoption of the Pillar Two global minimum tax rules

July 24, 2024

The Finance Minister presented the Union Budget 2024-2025 before the Parliament in the form of the Finance (No. 2) Bill, 2024.

The proposed tax measures include:

  • Rationalization of capital gains tax and tax withheld at source frameworks
  • Changes to reassessment provisions and timelines
  • Repeal of the angel tax and equalization levy
  • Reduction of the corporate income tax rate on foreign companies to 35%
  • Changes in the individual income tax brackets and increase in the standard deduction from salary income
  • New vivad se vishwas scheme, 2024 for settlement of pending direct tax disputes
  • Expansion of the scope of safe harbor rules
  • Streamlining transfer pricing assessment procedures
  • Simplification of indirect tax procedures

There was an expectation that the government would provide guidance on India’s adoption of the Pillar Two global minimum tax rules, but there was no announcement in this regard.

Read a July 2024 report prepared by the KPMG member firm in India that provides more details about the tax measures in the Finance (No. 2) Bill, 2024.

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