In the July 2024 Budget, the government had proposed a comprehensive review of the Income-tax Act, 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation.
Speaking at a post-Budget webinar hosted by the Department of Financial Services, the finance minister recounted how some of the announcements made in the July 2024 Budget have been implemented in a short time.
Finance Minister Nirmala Sitharaman on Monday launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS - MSME) for facilitating loans upto Rs.100 crore to MSMEs for the purchase of machinery or equipment without collateral.