Arjuna (Fictional Character): Krishna, the Maharashtra State Budget for the year 2023-24 was presented on 9th March 2023. What are its highlights?
Krishna (Fictional Character): Arjuna, the budget was presented by Deputy Chief Minister (Finance) Shri Devendra Fadnavis on 9th March 2023. It was based on 'panchamrit' (five) principles with a focus on Farmers, Women, Youth, Employment, and Environment.
Arjuna (Fictional Character): Krishna, what is the proposed amnesty scheme and from when it will be applicable?
Krishna (Fictional Character): Arjuna, the government has introduced a scheme to solve disputes between the Maharashtra government and taxpayers. The Amnesty Scheme will be called 'Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023'.This Scheme applies to various taxes levied by the State Tax Department before the introduction of the GST Act. This Amnesty Scheme will be in force from 1st May 2023 to 31st October 2023. This scheme will be applicable for the arrears pending as on 1st May 2023.
Arjuna (Fictional Character): Krishna, what are the details of the Amnesty Scheme provided for small and medium dealers?
Krishna (Fictional Character): Arjuna, the Govt. is in a full endeavour to complete pending disputes. Due to this, disputes that are carried forward over years will be settled as well as Govt. will collect taxes. There is a complete waiver of the arrears in cases where arrears are Rs. 2,00,000/- or less per year.Dealers having arrears up to Rs. 50 lakhs or less per statutory order will pay only 20% amount and the balance of 80% will be waived. The complete detail of the scheme is still awaited.
Arjuna (Fictional Character): Krishna, what is the proposal regarding professional tax for women?
Krishna (Fictional Character): Arjuna, at presently employed woman, has to pay ProfessionTax if their salary is more than Rs. 10,000 per month. It is proposed to enhance this limit to Rs. 25,000 to increase the purchasing power of women. Hereafter, women with a monthly salary of up to Rs. 25,000 will not have to pay any profession Tax. This is proposed for women's empowerment, and to provide relief to women taxpayers.
Arjun (Fictional Character): Krishna, what lesson the taxpayer should take from this?
Krishna (Fictional Character): Arjuna, to reduce litigation for the laws which have been foregone, Government has introduced Amnesty Scheme this year for the third time. To have minimum litigation for state tax laws. We expect the Central government to introduce the same ordinances for Excise as well as service tax and other central tax laws
Tags income tax