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Budget 2023-24: Relief from special provision for higher rate of TDS/TCS for non-filers of ITRs
01 February 2023 at 17:29Section 206AB of the Act provides for special provision for higher TDS for non-filers of income-tax returns. Similarly, section 206CCA of the Act provides for special provision for higher TCS for non-filers of income-tax returns. These non-filers i
Budget 2023-24: Tax treaty relief at the time of TDS u/s 196A
01 February 2023 at 17:27Section 196A of the Act provides for TDS on payment of certain income to a non-resident (not being a company) or to a foreign company, at the rate of 20%. The income is required to be in respect of units of a Mutual Fund specified under clause (23D)
Budget 2023-24: Rs 9000 crore to be infused in revamped credit guarantee scheme for MSMEs
01 February 2023 at 17:18₹ 9000 CRORE FOR REVAMPED CREDIT-GUARANTEE SCHEME TO MSMEs₹ 2 LAKH CRORE ADDITIONAL COLLATERAL-FREE CREDIT TO MSMEsRELIEF PROPOSED FOR MSMEs UNDER VIVAD SE VISHWAS I AND II SCHEMESRELIEF TO MSMEs, START-UPS AND PROFESSIONALS THROUGH EASE OF DOING BUS
Summary of Union Budget 2023-24
01 February 2023 at 15:31UNION BUDGET 2023-24 PRESENTS VISION FOR AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD AND INCLUSIVE ECONOMYTHREE PRONGED FOCUS DRIVEN BY FOUR TRANSFORMATIVE OPPORTUNITIES CONSTITUTE FOUNDATION OF AMRIT KAALCAPITAL INVESTMENT OUTLAY INCREASED BY 33% TO Rs. 1
Budget 2023-24: Preventing misuse of presumptive schemes u/s 44BB and 44BBB
01 February 2023 at 14:16Section 44BB of the Act provides for presumptive scheme in the case of a non-resident assessee who is engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the
Budget 2023-24: Removal of exemption from TDS on payment of interest on listed debentures to a resident
01 February 2023 at 14:16Section 193 of the Act provides for TDS on payment of any income to a resident by way of interest on securities.2. The proviso to section 193 of the Act provides exemption from TDS in respect of payment of interest on certain securities. Clause (ix)
Budget 2023-2024: TDS and taxability on net winnings from online games
01 February 2023 at 14:09Section 194B of the Act provides that the person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the
Budget 2023: Ease of compliance
01 February 2023 at 13:50Ease in claiming deduction on amortization of preliminary expenditureSection 35D of the Act provides for amortization of certain preliminary expenses which are incurred prior to the commencement of business or after commencement, in connection with e
Budget 2023-2024: 15% concessional tax to promote new manufacturing co-operative society
01 February 2023 at 13:49The Taxation Laws (Amendment) Act, 2019, inter-alia, inserted section 115BAB in the Act which provides that new manufacturing domestic companies set up on or after 01.10.2019, which commence manufacturing or production by 31.03.2023 and do not avail
Budget 2023-24: Relief to start-ups in carrying forward and setting off of losses
01 February 2023 at 13:38Section 79 of the Act restricts carrying forward and setting off of losses in cases of companies, other than the companies in which the public is substantially interested. It prohibits setting off of carried forward losses if there is change in share
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