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Union Budget 2023-24 + FINANCE Bill, 2023


  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]
  2. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.
  3. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25
  4. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person for the FY 2023-24 i.e. AY 2024-25
  5. Co-operative Societies - Rate of Income Tax
  6. Firms – Rate of Income Tax on Firms / Partnership Firm
  7. Local authorities - Rate of Income Tax
  8. Companies – Rate of Income Tax / Corporate Tax
  9. Income Tax - Rebate under section 87A
  10. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017
  13. Decriminalisation of section 276A of the Act
  14. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.
  15. Omission of certain redundant provisions of the Act
  16. Set off and withholding of refunds in certain cases
  17. Removal of certain funds from section 80G
  18. Denial of exemption where return of income is not furnished within time
  19. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report
  20. Trusts or institutions not filing the application in certain cases
  21. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10
  22. Combining provisional and regular registration in some cases
  23. Omission of redundant provisions related to roll back of exemption
  24. Treatment of donation to other trusts:
  25. Rationalisation of the provisions of Charitable Trust and Institutions
  26. Providing clarity on benefits and perquisites in cash
  27. Non-Banking Financial Company (NBFC) categorization
  28. Specifying time limit for bringing consideration against export proceeds into India
  29. Rationalization of provisions related to the valuation of residential accommodation provided to employees
  30. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance
  31. Clarification regarding advance tax while filing Updated Return
  32. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns
  33. Facilitating TDS credit for income already disclosed in the return of income of past year
  34. TDS on payment of accumulated balance due to an employee
  35. Tax treaty relief at the time of TDS under section 196A of the Act
  36. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility
  37. Amendments in consequence to new provisions of TDS
  38. Penalty for furnishing inaccurate statement of financial transaction or reportable account
  39. Provisions relating to reassessment proceedings
  40. Modification of directions related to faceless schemes and e-proceedings
  41. Alignment of timeline provisions under section 153 of the Act
  42. Rationalization of the provisions of the Prohibition of Benami Property Transactions Act, 1988 (the PBPT Act)
  43. Provisions related to business reorganisation
  44. Assistance to authorised officer during search and seizure
  45. Rationalisation of Appeals to the Appellate Tribunal
  46. Reducing the time provided for furnishing TP report
  47. Introduction of the authority of Joint Commissioner (Appeals)
  48. Extension of time for disposing pending rectification applications by Interim Board for Settlement
  49. Defining the cost of acquisition in case of certain assets for computing capital gains
  50. Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property
  51. Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC
  52. Rationalisation of exempt income under life insurance policies
  53. Preventing permanent deferral of taxes through undervaluation of inventory
  54. Special provision for taxation of capital gains in case of Market Linked Debentures
  55. Limiting the roll over benefit claimed under section 54 and section 54F
  56. Increasing rate of TCS of certain remittances
    1 Comment
  57. TDS and taxability on net winnings from online games
  58. Preventing misuse of presumptive schemes under section 44BB and section 44BBB
  59. Removal of exemption from TDS on payment of interest on listed debentures to a resident
  60. Tax avoidance through distribution by business trusts to its unit holders
  61. Removal of exemption of news agency under clause (22B) of section 10
  62. Extending deeming provision under section 9 to gift to not-ordinarily resident
  63. Extending the scope for deduction of tax at source to lower or nil rate
  64. Increasing threshold limits for presumptive taxation schemes
  65. Ease in claiming deduction on amortization of preliminary expenditure
  66. 15% concessional tax to promote new manufacturing co-operative society
  67. Facilitating certain strategic disinvestment
  68. Exemption to development authorities etc.
  69. Tax Incentives to International Financial Services Centre
  70. Conversion of Gold to Electronic Gold Receipt and vice versa
  71. Extension of date of incorporation for eligible start-up for exemption
  72. Relief to start-ups in carrying forward and setting off of losses
  73. Penalty for cash loan/ transactions against primary co-operatives
  74. Increasing threshold limit for co-operatives to withdraw cash without TDS
  75. Relief to sugar co-operatives from past demand
  76. Agnipath Scheme, 2022
  77. Promoting timely payments to Micro and Small Enterprises