Budget 2024: FM Proposes Three Months Time Limit to Reply Notice Under Benami Act

In the 2024 budget, India's Finance Minister proposed a three-month timeframe for responding to notices issued under the Benami Transactions (Prohibition) Act. This new timeline aims to streamline the process, making it more efficient for individuals and entities to address such notices. The change reflects the government's commitment to improving the legal and regulatory environment concerning benami transactions, which are those involving property held in someone else's name to evade taxes or conceal assets.