The Kerala Finance Act, 2024
The Kerala Finance Act, 2024
Tax202427 sections3 chapters
The Kerala Finance Act, 2024, is a legislative measure enacted to modify various state tax laws and introduce a one-time settlement scheme for tax arrears. It amends the Kerala Stamp Act, the Kerala Court Fees and Suits Valuation Act, the Kerala Electricity Duty Act, and the Kerala Motor Vehicles Taxation Act to adjust tax rates and fee structures. Additionally, it establishes the "Amnesty Scheme, 2024," allowing taxpayers to settle outstanding tax, surcharge, interest, or penalty arrears from assessment years up to 2017-2018 at reduced rates. This Act aims to streamline revenue collection, reduce litigation, and provide relief to taxpayers burdened by long-standing tax disputes.
Chapter I PRELIMINARY →
Chapter II REVISION OF TAXES →
Chapter III AMNESTY SCHEME, 2024 →
- 6Definitions
- 7Designated authority
- 8Provided that in cases of difference of opinion among the members of the designated authority regarding any decision or order, the majority opinion shall prevail.
- 9Application for settlement
- 10Determination of the amount payable by the applicant
- 11Rate applicable in determining the amount payable
- 12Total waiver of certain amounts
- 13Restrictions
- 14Settlement of arrears and issue of certificate
- 15Refusal of settlement of arrears
- 16Provided that no order under this sub-section shall be passed without giving the applicant a reasonable opportunity to show cause against such refusal.
- 17Revision
- 18Bar on revenue recovery proceedings
- 19Bar on re-opening of settled cases
- 20Revocation of certificate
- 21Information to be sent to authorities under the relevant Act
- 22Power of Commissioner of State Tax
- 23Prohibition of disclosure of particulars produced before designated authorities
- 24Protection of action taken in good faith
- 25Power to remove difficulties
- 26Power to make rules
- 27Validation
PDF: pending for this language.