Quick Summary
The Finance Bill 2023 was been passed in Lok Sabha without a discussion and the House was adjourned to meet again on March 27. Moving amendments to the Finance Bill, Nirmala Sitharaman said, It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) they escape tax collection at source. The Reserve Bank of India is being requested to look into this with a view to bring credit card payments for foreign tour
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FAQ :
The withholding tax rate on royalties and fees for technical services paid to non-residents has been increased from 10% to 20%.
Yes, the Finance Bill paves the way for establishing GST Appellate Tribunals across the country, with a principal bench in New Delhi and several state benches.
The STT on futures and options contracts will increase from April 1, 2023. Options contracts will see an increase from 0.017% to 0.021%, and futures from 0.01% to 0.0125%.
The government has revised its Budget proposal; distributions from business trusts will now be treated as a return of capital, reducing the cost of acquisition of units. Any amount exceeding the issue price will be taxable as income.
While the core Angel Tax provisions remain unchanged, the Finance Ministry has assured that all stakeholder concerns regarding their implementation will be addressed. Draft valuation rules will be shared for input.
Income from debt mutual funds that invest up to 35% in equity shares of domestic companies will now be taxable at the applicable rate, as income from equities in such funds will not be considered interest income.
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