News From Press 20% TDS on mutual fund repurchases removed: Key tax changes from Oct 1

20% TDS on mutual fund repurchases removed: Key tax changes from Oct 1

Source: Business Standard Oct 3, 2024

Union Finance Minister Nirmala Sitharaman announced several income tax changes in the Union Budget 2024, which took effect from October 1, 2024. Among the key updates, approved as part of the Finance Bill, are adjustments to Tax Deducted at Source (TDS) rates.

The revisions include the removal of the 20% TDS on mutual fund repurchases, the introduction of a 10% TDS on floating rate bonds, and reductions in TDS rates for e-commerce transactions and life insurance payouts.

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