Budget 2024-25: Direct Tax Highlights

The Budget 2024-25 introduces several direct tax reforms aimed at enhancing efficiency and compliance. Key highlights include an increase in the tax rebate limit to Rs 7 lakh under Section 87A, the introduction of a new section allowing for the tax-free transfer of residential properties between family members, and modifications to tax provisions for start-ups to foster innovation. The budget also proposes changes in taxation for virtual assets and enhances measures for digital tax administration. Additionally, a new mechanism for addressing tax disputes is introduced, aiming to streamline resolution processes and reduce litigation.