Income Tax Amendments applicable for AY 2023-24 (FY 2022-23)

Geetanjali Pandey | Last updated: 18 April 2023

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This article details significant income tax amendments applicable for the Assessment Year 2023-24 (Financial Year 2022-23). It covers new deductions for individuals enrolled in the Agnipath Scheme, increased cash withdrawal thresholds for co-operative societies, and relaxations for Primary Agricultural Credit Societies (PACS) and Primary Co-operative Agricultural and Rural Development Banks (PCARD). Additionally, it discusses extended relief for eligible start-ups regarding carrying forward losses and definition relaxations, along with concessions for International Financial Service Centres (IFSC) and extended scope for lower tax deduction applications.

This article will outline some of the important amendments made by Finance Act, 2023 which is applicable for FY 2022-23 (AY 2023-24) which we need to take care of while filing ITR of AY 2023-24. DEDUCTION U/S 80CCH (AGNIPATH SCHEME) Applicable for Individual who are enrolled in the Agnipath

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FAQ :

Section 80CCH provides a deduction for individuals enrolled in the Agnipath Scheme who contribute to the Agniveer Corpus Fund. This deduction covers both the individual's contribution and the government's contribution, reducing their total income.

Yes, for co-operative societies, the threshold for tax deduction under Section 194N on cash withdrawals has been increased to Rs. 3 crore.

The limit under Sections 269SS and 269T for PACS and PCARD has been increased to Rs. 2 lakhs. This means they can accept or repay loans or deposits up to Rs. 1,90,000 without penalty, with penalties only applicable for amounts of Rs. 2 lakh or more.

The time period for eligible start-ups to carry forward losses has been extended from 7 years to 10 years from the date of incorporation, aligning with Section 80-IAC.

The deadline for incorporation of eligible start-ups to claim benefits under Section 80-IAC has been extended to before April 1, 2024.

Yes, Section 197 has been extended to include income received from a business trust referred to in Section 115UA of the Income Tax Act, allowing non-residents to apply for lower or non-deduction of tax on such income.