Home Highlights February 2023 Year 2023 This

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1. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

2. Effective date of Change in rate of tax / GST - In case of a notification in the body of which the effective date is not written, the effect of the amending notification...

3. For the purposes of deduction of tax u/s 194LBB, or u/s 194LBC the “rates in force” in relation to an assessment year or financial year shall mean the rate or rates of...

4. Rate of GST - old rates of GST or new rates - ongoing projects construction of which had started before 01.04.2019 - definition of ‘affordable residential apartment’ has...

5. TDS/TCS on non filer at higher rates - FINANCE Bill, 2021

6. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”. - now winning amount from online...

7. Reforms in Tax Rates - tax rates of the major countries of Asia

8. Inclusion of provisions in continuation to Public Notice No. 10/2015-20 dated 24.05.2022 - additional provisions for allocation of Tariff Rate Quota (TRQ) of Crude Soya...

9. Cost Inflation index for the Finance Year 2023-24 - the CBDT issued the same CII as 348 for the FY 2023-24 vide notification dated 10.4.2023 - Same has been repeated...

10. Finance Bill, 2014 - To Prescribe Basic Rates of Income Tax

11. Availing and utilization of Input Tax Credit - The applicant had initially opted to pay GST at a lower rate without availing full ITC on goods and services used in their...

12. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

13. Co-operative Societies - Rate of Income Tax - For normal provision same rate of tax and surcharge as applicable will continue and for computation of tax under sec 115BAD...

14. Companies – Rate of Income Tax / Corporate Tax & surcharge shall be the same as for FY 2022-23. Amendment has been with regard to marginal relief, where such marginal...

15. Profiteering - restaurant service - reduction in rate of GST - every recipient/ customer is entitled to the benefit of the tax rate reduction by way of reduced prices...