Union Budget News

Memorandum explaining provisions in Finance Bill 2023

02 February 2023 at 13:01

FINANCE BILL, 2023PROVISIONS RELATING TO DIRECT TAXESIntroductionThe provisions of Finance Bill, 2023 (hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the

Posted in Union Budget | 11211 Views

Finance Bill 2023

02 February 2023 at 12:23

AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2023Bill No. 17 of 2023THE FINANCE BILL, 2023 - A BILLto give effect to the financial proposals of the Central Government for the financial year 2023-2024.BE it enacted by Parliament in the Seventy-fourth Y

Posted in Union Budget | 8079 Views

ICAI invites suggestions on tax proposals of Union Budget 2023-24

02 February 2023 at 08:36

Please submit your valuable suggestions latest by 11th February, 2023.

Posted in Union Budget | 3432 Views

Budget 2023-24: Increasing threshold limit for co-operatives to withdraw cash without TDS

01 February 2023 at 22:01

Section 194N of the Act provides that a banking company or a co-operative society engaged in carrying on the business of banking or a post office, which is responsible for paying any sum to any person (referred to as the recipient) shall, at the time

Posted in Union Budget | 7929 Views

Budget 2023-24: Extending the scope for deduction of tax at source to lower or nil rate

01 February 2023 at 22:01

Section 197 of the Act relates to grant of a certificate of tax deduction at lower or nil rate. It provides for assessee to apply to the Assessing Officer for TDS at zero rate or lower rate, if the tax is required to be deducted under sections 192, 1

Posted in Union Budget | 4596 Views

Budget 2023-24: Tax avoidance through distribution by business trusts to its unit holders

01 February 2023 at 21:45

Finance (No.2) Act, 2014 introduced a special taxation regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InVIT) [commonly referred to as business trusts]. The special regime was introduced in order to address the cha

Posted in Union Budget | 2925 Views

Budget 2023-24: Limiting the roll over benefit claimed under section 54 and section 54F

01 February 2023 at 21:44

The existing provisions of section 54 and section 54F of the Income-tax, 1961 (the Act) allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one year before or two years after t

Posted in Union Budget | 3273 Views

Budget 2023-24: Special provision for taxation of capital gains in case of Market Linked Debentures

01 February 2023 at 21:15

It has been noticed that a variety of hybrid securities that combine features of plain vanilla debt securities and exchange traded derivatives are being issued through private placements and listed on stock exchanges. It is seen that such securities

Posted in Union Budget | 3591 Views

Rationalisation of exempt income under life insurance policies

01 February 2023 at 21:15

Clause (10D) of section 10 of the Act provides for income-tax exemption on the sum received under a life insurance policy, including bonus on such policy. There is a condition that the premium payable for any of the years during the terms of the poli

Posted in Union Budget | 3300 Views

Budget 2023-24: Clarification regarding advance tax while filing Updated Return

01 February 2023 at 17:30

The Finance Act, 2022 inserted sub-section (8A) in section 139 of the Act enabling the furnishing of an updated return by taxpayers up to two years from the end of the relevant assessment year subject to fulfilment of certain conditions as well as pa

Posted in Union Budget | 4344 Views