The Finance Minister has introduced the Finance Bill, 2023 in Lok Sabha today, that is February 1, 2023. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2023.
The provisions of Finance Bill, 2023, relating todirect taxes seek to amend the Income-tax Act, 1961 ("the IT Act"), to continue reforms in direct tax system through tax reliefs, removing difficulties faced by taxpayers and rationalization of various provisions.
Amendments proposed in the Finance Bill, 2023, vide Clause 128 to 144 except clause no. 142, will come into effect from a date to be notified
Indirect tax updates in Finance Bill 2023
Direct Tax Proposals - Finance Bill 2023.
Inquiry before Assessment: Amendment in Section 142(2A) of Income Tax Act
Change in Sec.10 of CGST Act (Composition Scheme for Supplier of Goods via E-commerce)
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today.
My expectations for the 2023 budget are unique. Instead of requesting an increase in tax deductions for the middle class (such as through raising Section 80C, 80D, and 24(b)), I believe the government should focus on attracting wealthy individuals to live and invest in India.
We would like to make some suggestions on Income Tax & GST as our Pre-Budget Memorandum for Budget 2023
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