AMCHAM’s Hyderabad Chapter organized a breakfast session on ‘Understanding the Union Budget 2024’ in collaboration with EY at the EY office in Hyderabad on July 24^th. Mr. Naveen Agarwal, Partner Direct Taxes, EY gave the background to the budget and shared the policy focus on nine priority areas: agriculture, manufacturing and services, infrastructure, energy security, employment and skilling, inclusive HR development and social justice, urban development, innovation and R&D and next generation reforms. He spoke on simplification of income tax law and the introduction of the Vivad se Vishwas Scheme. Under the individual tax proposals, he touched on the increase in standard deduction under CTR, the increase in deduction for private sector employer’s contribution to the pension scheme and the offset of TCS against salary TDS. He also spoke on the rationalization of capital gains taxation, the holding period of assets and indexation benefit for capital gains computation. Under indirect tax proposals Ms. Aisha Hussaini, Partner Indirect Taxes, EY spoke on duty rate changes and trade facilitation measures to be effective from July 24^th, 2024. She also touched upon GST proposals – future litigation framework, introduction of section 74-A – determination of tax short paid/unpaid/excess refunds or ITC and regarding GST touched upon resolving past tax controversy which covers waiver of interest and penalty.