Income Tax Amendment Act 2024

Income Tax Amendment Act 2024. The proposed income tax (amendment) bill 2024 aims to revise the existing income tax act 1967 (act 53), focusing on sections 2, 3, 4, 8, and 9. Highlights include revised tax slabs, increased deductions, and simplified taxation.


Income Tax Amendment Act 2024

This amendment, now effective from january 15, 2024, broadens the scope of income tax exemptions to include terminal payouts received by both employees and pensioners, applicable to retirement and certain early withdrawals. When tabling the bill today, sim said the amendment is to enforce tax measures announced during budget 2024 including the capital gains tax on the disposal of unlisted.

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