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Union Budget 2023 + FINANCE Bill, 2023 Focus Areas + Provisions Simplified
Highlights Indian Laws: New Provisions on Electronic Gold Receipt (EGR) :- 1. For the purpose of capital gain conversion of gold to EGR and vice versa is excluded from purview of 'Transfer" 2. Cost of acquisition of EGR shall be the cost of gold in hands of the assessee for the prupose of 'Capital Gain'. 3. Period of holding for EGR would include date on which gold first acquired and vice versa I.Tax: Ease in claiming deduction on amortization of preliminary expenditure - certain preliminary expenses which are required to approved by the Board (CBDT) - In order to ease the process of claiming amortization of these preliminary expenses, such condition is proposed to be removed. I.Tax: Extension of date of incorporation for eligible start-up for exemption - For 100% deduction on profit of eligible start-up business u/s 80-IAC will be available where such startups has been incorporation before 1st day of April 2024 (instead of 1.4.2023) I.Tax: TDS on certain income from units of a business trust u/s 194LBA - This budget removes the difficulty of obtaining certificate of lower deduction rate u/s 197, w.e.f. 1st April 2023. I.Tax: Taxability of Gift received by Non Residents / and Not ordinarily residents from a Person in India - Deeming provision u/s 9 extended to not-ordinarily resident with NR for the gifts / any sum of money more than 50,000/- as referred u/s 56(2)(x) I.Tax: Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up u/s 80IAC, provided carried forward of such losses has been allowed for 7 years from the year of incorporation upto 10years from date of incorporation. - Eligible start-up u/s 80IAC allowed to carried forward of losses for period of 10 years from date of incorporation as amended by proviso to sec 79(1). I.Tax: Penalty for cash loan/ transactions against primary co-operatives - Section 269SS / 269T - Relief given to Primary Agricultural Credit Societies (“PACS”) and Primary Co-Operative Agricultural and Rural Development Bank (“PCARD”) On loan taken or deposit of such amount from any person in cash upto ₹2,00,000 and penalty will impose on any any sum exceeds ₹2,00,000 w.e.f 1st April, 2023. I.Tax: Removal of exemption of news agency under clause (22B) of section 10 - Exemption available to news agency withdrawn from 1st April 2024. - They will also be free from application such receipts in the specified manner. I.Tax: Agnipath Scheme, 2022 - For the benefits of employee under agniveer scheme, contribution of 30% of his salary per month to corpus fund u/s 80CCH and govt will also deposit the same amount and after ending of his tenure such accumulated amount in corpus fund will be given to such agniveer employee as 'Seva Nidhi' with interest thereon. - Such amount shall be exempt in the hands of Agniveer employee u/s 10(12C) I.Tax: Payment to MSME is allowed on actual payment basis - Any expenditure shall be allowed only if payment to MSME within 15 days or 45 days as the case may be - section 43B is being amended. I.Tax: Relief to sugar co-operatives from past demand - excess price paid for purchase of sugar cane over and above SMP shall be allowed as deduction for the period prior to 2016-17 as a one time measure to avoid litigation and clarity. I.Tax: SEZ - Repatriation of Foreign Exchange Earning of sales proceeds must be brought in India within six months from the end of the Previous Year or extended period - Benefit of export shall be available only if return is or before the due date of filing of ITR u/s 139(1) I.Tax: Business profit - benefits and perquisites in cash - the apex courts have interpreted that if the benefit or perquisite are in cash, it is not covered within the scope of this clause of section 28 of the Act - Now, the clause (iv) of section 28 is being amended so as the provisions of said clause also applies to cases where benefit or perquisite provided is in cash or in kind or partly in cash and partly in kind. I.Tax: Income Tax - Rebate u/s 87A - Benefit of full exemption from Income is extended where the total income is not exceeding Rs. 7 lakhs as computed under the New Tax Regime u/s 115BAC - For the old tax regime, the full tax exemption is limited to Rs. 5 lakhs only as earlier. I.Tax: Rate of Income Tax - Now the facility of "new tax regime" is available to individual or HUF, association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person. I.Tax: Exemption u/s 11 - denial of the Registration u/s 12AA - The genuineness of the activities would mean to see that activities are not camouflage, bogus, artificial and should verify whether the activities are in accordance with the object of the institution. Commissioner (exemption) cannot extend the scope of the enquiry beyond that point. - CIT(E) has committed an error in not granting registration in the u/s 12AA read with Section 80G of the Act. - AT I.Tax: AMENDMENTS TO THE CUSTOMS ACT, 1962 - Due to increase in Custom Duty these items will get costlier Compounded rubber, Articles made from gold bars, Electric Kitchen chimneys, Import of Electronic Vehicle, Imported bicycles and toys, Silver & Imitation Jewelry. whereas decrease in custom duty will make these items cheaper Open cell of TV Panels, Seeds of Lab-grown diamonds, Shrimp feed, Machinery for lithium ion batteries, Raw materials for EV industry & Certain inputs for mobile phone manufacturing. I.Tax: 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 gaming is taxable @ 30%. I.Tax: Taxability of rental income - The undisputed fact is that the ratio laid down in the case of Chennai Properties and Investments [2015 (5) TMI 46 - SUPREME COURT] squarely apply on the facts of the case, therefore, there is no error or infirmity in the decision of the CIT(A) wherein rental income has been taxed under the head profits and gains of business or profession. - AT I.Tax: Addition u/s 56(2) - Allotment of shares - price less than the FMV - Merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company. - AT I.Tax: Disallowance of employees’ contribution to Provident Fund as well as ESIC - Disallowance u/s 36(1)(va) - the assessee is not entitled for deduction u/s 36(1)(va) read with section 43B of the Act and the said amount has to be construed as deemed income of the assessee and added to his total income. - AT Cus.: AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001 - Cigarettes now will be more costly - as increase in custom duty (NCCD) on cigarettes of 16%. Cus.: Violation of conditions of exemption notification - import of aircraft - the appellant has used the aircraft for its own use without any remuneration whatsoever, either from the passengers transported by it or from any other person. In the circumstances, it would be difficult to accept that the appellant has used the aircraft for providing ‘air transport service’ within the meaning of Rule 3(9) of the Aircraft Rules. - HC Cus.: Re-assessment of goods / customs duty - Deputy Commissioner has clearly erred in issuing an assessment order under Section 17(5) after the goods were already cleared for home consumption. He had no authority to issue such an order because he could assess a bill of entry only if the goods are still “imported goods” and are “dutiable goods”. Once an order permitting clearance of goods for home consumption is given, they cease to be imported goods under Section 2(25) and cease to be dutiable goods under Section 2(14) - AT IBC: Initiation of CIRP - a dispute centering around breach of fiduciary duty by the Appellant in the context of Consultancy Agreement has been raised by the Respondents as their defence against the claim of the Appellant which is evidenced from the material placed on record. - NCLT rightly rejected the application - AT More Highlights Articles ⇒ Tax under proposed New & Old regime for salaried person - Comparision with Various options ⇒ Key Highlights of Union Budget 2023 - Changes under Customs & Excise ⇒ Key Highligts of Union Budget 2023 - Changes under the Income Tax Law ⇒ Finance Bill, 2023 Analysis of Proposed Changes in GST ⇒ Proposed amendments in the GST Law under the Union Budget 2023 ⇒ BUDGETARY CHANGES IN GST LAWS ⇒ Software Activation charges are not covered under ‘Business Auxiliary Services’ ⇒ Budget 2023 - Cheaper v/s Costlier ⇒ GST Registration cancellation order set aside due to lack of reasoning ⇒ ATMANIRBHAR BHARAT BUDGET - 2023 MAKING INDIA MORE POWERFUL More Articles Notifications Cus - Seeks to amend 32 notifications in order to provide a specific end date for these notifications. Cus - Seeks to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009, 33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th June, 2017 to extend the validity of said notifications up to the 31st March, 2028. Cus - Seeks to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to extend the exemption benefit to Warm blood horse for equestrian sports and extend the validity of said notification up to the 31st March, 2028. Cus - Seeks to further amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes. Cus - Seeks to further amend notification No. 22/2022-Customs regarding India-UAE Comprehensive Economic Partnership Agreement. Cus - Seeks to further amend notification No. 230/86-Customs related to Project Import Regulations. Cus - Seeks to further amend notification Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-Customs related to certain electronic items. Cus - Seeks to rescind notification Nos. 13/2021-Customs and 34/2022-Customs, related to Social Welfare Surcharge (SWS). CE - Seeks to further amend notification No. 50/2017-Customs, dated the 30th June, 2017, so as to revise/provide exemption(s) on the specified goods. Cus - Seeks to further amend notification No. 11/2018-Customs, dated 2nd February, 2018, to revise/provide Social Welfare Surcharge (SWS) exemption(s) on specified goods Cus - Seeks to further amend notification No. 11/2021-Customs dated 1st February, 2021, so as to levy/exempt Agriculture and Infrastructure Development Cess (AIDC) on certain items. Cus - Seeks to further amend notification No. 50/2017-Customs, dated the 30th June, 2017, so as to revise/provide exemption(s) on the specified goods Cus (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver PMLA - Notifies Aadhaar authentication service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002 Cus (NT) - Presidential Award of Appreciation Certificates and Medals announced on the occasion of Republic Day, 2023 More Notifications Circulars/ Public Notices SEBI - Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments SEBI - Transaction in Corporate Bonds through Request for Quote (RFQ) platform by Alternative Investment Funds (AIFs) Customs - Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2023 Central Excise - Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2023 DGFT - Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour (Atta) and amendment in para 4.05 (iii) under Handbook of Procedures 2015-20 Customs - Amendment to Instruction No 18/2022-Customs dated 12.08.2022, Instruction No 30/2022-Customs dated 14.11.2022 and Instruction No 32/2022-Customs dated 28.11.2022 regarding extension of Requirement of Health Certificate accompanied with the import of food consignments Customs - Cancellation of swapping order w.r.t. 8th & 9th Reallocation of Export Quota for export during Sugar Season 2022-23 and holding of export quota DGFT - Implementation of Paper Import Monitoring System (PIMS) -Clarification DGFT - Amendments in Chapter 5 of the Handbook of Procedures, 2015-20-One time relaxation from maintenance of Average Export Obligation and extension in Export obligation period for specified EPCG Authorisations DGFT - Amendments in Para 4.42 of the Handbook of Procedures 2015-2020 DGFT - Streamlining of Halal Certification Process for Meat and Meat Products DGFT - Amendments in Para 2.79A of Handbook of Procedures for issue of export authorization for "Stock and Sale" of SCOMET items. GST - Clarifications regarding applicability of GST on certain services GST - Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022 DGFT - EODC Online Monitoring System for Advance/EPCG Authorisations More Circulars News ⇒ APEDA organizes Virtual-Buyer Seller Meet to harness export opportunities in UAE for millets ⇒ SUMMARY OF THE UNION BUDGET 2023-24 ⇒ HIGHLIGHTS OF THE UNION BUDGET 2023-24 ⇒ BUDGET 2023-24 PRESENTS VISION FOR AMRIT KAAL- BLUE PRINT FOR AN EMPOWERED AND INCLUSIVE ECONOMY ⇒ MANTRA OF “LEAVING NO ONE BEHIND” HAS RESULTED IN INCLUSIVE DEVELOPMENT SINCE 2014 ⇒ INDIA’S FOCUS ON WIDE RANGING REFORMS AND SOUND POLICIES RESULTED IN RESILIENCE DURING CRISES ⇒ 157 NEW NURSING COLLEGES TO BE ESTABLISHED ⇒ ATMANIRBHAR CLEAN PLANT PROGRAM TO BE LAUNCHED WITH AN OUTLAY OF Rs. 2,200 CRORE TO BOOST AVAILABILITY OF QUALITY PLANTING MATERIAL FOR HIGH VALUE HORTICULTURAL CROPS ⇒ ACHIEVEMENTS SINCE 2014: LEAVING NO ONE BEHIND ⇒ TEACHERS’ TRAINING TO BE REVAMPED VIA DISTRICT INSTITUTES OF EDUCATION AND TRAINING ⇒ NATIONAL EDUCATION POLICY FORMULATED TO EMPOWER YOUTH AND HELP ‘AMRIT PEEDHI’ REALIZE THEIR DREAMS ⇒ MISSION KARAMYOGI PROVIDING LEARNING OPPORTUNITIES FOR GOVERNMENT EMPLOYEES TO UPGRADE THEIR SKILLS AND FACILITATE PEOPLE-CENTRIC APROACH: FINANCE MINISTER ⇒ HIGHEST EVER CAPITAL OUTLAY OF ₹2.40 LAKH CRORE FOR RAILWAYS ⇒ URBAN INFRASTRUCTURE DEVELOPMENT FUND TO BE ESTABLISHED ⇒ COASTAL SHIPPING TO BE PROMOTED THROUGH PPP MODE WITH VIABILITY GAP FUNDING More News Forum - Popular issues Input credit (25) Sub contractor received scn for non payment of service tax (20) Scn & order-in-original issued after death of the assesse. whether recovery can be initiated by department ? (18) Rcm sponsorship (16) Gst on rent of employee paid by employer (16) In case of death of proprietor, whether reversal of itc is required? (16) Gst on guest house given to employee on rent (15) Section 18(6) of the cgst act read with rules 40 and 44 (15) Rcm on purchase of wood from unregistered dealar (14) Credit note = payment (14) Claim against short paid igst paid through manual challan. (13) Itc on cctv camera (13) Reverse charge and the place of supply (12) Gst applicable on labour cess and seignorage fees (11) Applicability of gst (11) Go to Forum Forum - Recent Replied Issues Gst liability in case payment to unregistered service provider exceeds rs. ... ... (4) Regarding wrong payment igst tax (9) Input credit (4) Goods to be imported under bill to ship concept ... (4) Blocked credit sec 17 (5) (2) Refund of gst (3) Igst on imports (3) Gst on shops (6) Works contract service provided to project implementation unit ... (5) Cenvat credit (5) Gst rate for wooden sofa set (2) Can itc on payment of rcm for the period 2017-18 be availe avail in jan 2019 ... (2) Diffrence between cross charge and isd (2) Composition dealer (1) Export of service (2) Go to Forum

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May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137