Home Highlights February 2023 Year 2023 This

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1. Firms – Rate of Income Tax on Firms / Partnership Firm will continue to be the same as that specified for FY 2022-23

2. 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...

3. 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...

4. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

5. Income from House Property - Payment made to Mumbai Port Trust claimed by assessee u/s 23 - the term local authority cannot be rigidly interpreted to mean only a local...

6. Control of income-tax authorities - U/s 118 of IT ACT 1961 - Specifies the income-tax authority or authorities as subordinate to such other income-tax authority or...

7. Taxability of income - Characterization of receipts - software sub-licence fee - the income in dispute, since can be classified under other Articles of the tax treaty,...

8. Income from house property - Deduction u/s 23(1) - Annual mixed use charges paid by the assessee to Municipal Corporation - The said charges is in the nature of...

9. 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...

10. Supply to the Central Government, State Government or local authority - Undisputedly SUDA, being a registered society, is not a Panchayat or a Municipality or any Board...

11. Cost Inflation Index for the Financial Year 2022-23 notified as 331

12. Budget 2022-23 - AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

13. Budget 2022-23 - PRUNING AND REVIEW OF CUSTOMS DUTY CONCESSIONS/ EXEMPTIONS - A detailed statement

14. Exemption from GST - pure services or supply of goods to the Notified Area Authority, Vapi - Notified Area Authority, Vapi is a “local authority” or “governmental...

15. Budget 2022-23 - PROPOSALS INVOLVING CHANGES IN EFFECTIVE BASIC CUSTOMS DUTY RATES IN RESPECT OF PHASED MANUFACTURING PROGRAM [PMP] WITH RESPECT TO SPECIFIC ELECTRONIC GOODS