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Key highlights of amendments to Finance Bill 2023

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 f..

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Finance Bill 2023 passed in Lok Sabha with over 45 amendments

Today, i.e. 24th March, Union Finance Minister Nirmala Sitharaman will move The Finance Bill, 2023 in Lok Sabha to give effect to the financial proposals of the Central Government for the financial year 2023-2024 be taken into consideration. The Finance Bill 2023 contains tax proposals that Sitharaman had moved while presenting the Budget on February 1. All the budget-related bills will be transmitted to Rajya Sabha, which cannot make any changes but only return them to the Lok Sabha after..

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MSME Registration Benefits - Tax and Others

MSME registration helps the Micro, Small and Medium (MSME) industries to obtain various benefits provided by the government for their growth. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the country's economy grows and flourishes. These industries are also known as small-scale industries or SSIs. All manufacturing, service industries, wholesale, and retail trade that fulfil the revised MSME classification criteria of annu..

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Impact of Judicial precedents in Union Budget 2023

As I write this missive the Union budget 2023 was delivered by the Honourable Finance Minister on February 1,2023. This was first Amrit Kaal Budget for the nation. Through this write up changes in domestic taxation will be articulated keeping in mind the Supreme Court judgment's impact in the Income –Tax Act(''ACT") and Income tax Rules(''Rules"). Domestic taxation is a vast subject which consist of two areas namely direct taxation & international taxation..

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Navigating Budget 2023: Implications For Payroll Processing

The Union Budget 2023 is here. HR and payroll professionals must update their enterprise processes to incorporate the newly declared income-tax regulations. This budget brings in significant changes that affect payroll calculations for most employees. A large portion of the workforce may also shift to the new tax regime. Employees expect a smooth, hassle-free transition with accurate payouts. So here are the fundamental changes you must prepare for. How Will Budget 2023 Affect Payroll Proc..

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Old Tax Regime or New Tax Regime - Which one is better?

Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs Nirmala Sitharaman had declared the Finance Budget of 2023-24 on 01st February in the Lok Sabha. Why there is a lot of discussion going around the Old Tax Regime and New Tax Regime of the Income Tax regime? Krishna (Fictional Character): Arjuna, in this Budget Honourable Finance Minister, has brought many changes in the New Tax Regime of Income tax but no new changes were announced for the Old Tax Regime. Arjuna (Fictio..

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Major Changes under Income Tax in Budget 2023

1. Increase in Rebate under Section 87A A Resident Individual is entitled to a Rebate of 100% of the amount of tax payable under the provisions of Section 87 A of the Act for the total income up to Rs. 7 Lakhs ( earlier it was Rs. 5L) (However such increased limit of rebate will be applicable only in the new regime under Section 115BAC) 2. Introduction of Section 80CCH and Section 10(12C) of the Income Tax Act Agnipath Scheme is a scheme notified by Ministry of Defence for the enrolm..

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ITC and CSR Expenses

Background Corporate entities have been contributing towards social causes, which would be done as mandatory Corporate social responsibility[CSR] contribution, u/s 135 of Companies Act. Also such contributions could be done by entities which do not have a mandatory CSR contribution requirement,and which giveback to society voluntarily in areas such as education of economically backward children, upliftment of weaker segments of society to name a few. As per the Companies Act, 2013, busines..

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Twitter Space Discussion on - Impact of Budget 2023 on GST

The discussion was hosted by Sri CA Dinesh Wadera and various  esteemed panelists participated in the discussion. Sri CA Abhishek Raja gave a clear insight on amendments of GST Sections announced in the Budget 2023 Gone are the days where Indirect taxation is predominant in the Budget, GST Council has the power now. There are 15 amendments in announced in the Budget 2023 on GST. 4 of the amendments are on change of due date where returns can be filed upto 3 years. Other amendments ..

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Taxation of gifts to NRIs and changes in Budget 2023-24

As you are aware that "A Gift" is a voluntary transfer of Cash, Movable /Immovable property by one person to another person without consideration in lieu of love and affection. A gift may be given by a person to his/her relatives or to friends or to any other person without consideration. Some of gifts are exempted from tax and some of gifts are taxable. Gifts given by a person to his relatives is exempted and gifts received by an individual from friends and other persons are exempted ..

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Changes in new TDS rates, IT provisions related to online gaming - Budget 2023

As you are aware that the pandemic has changed user patterns and increased usage of mobile phones and other electronic devices. When it comes to online gaming, industry leaders have their eyes set on the Indian market which is highly attractive considering the volume and growth potential. We have witnessed surge of various online gaming platforms after COVID-19 Pandemic. Since during lockdown when all world has closed inside doors, the use of electronic gadgets have increased manifold for educat..

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Govt. proposes draft dispute settlement scheme as announced in Union Budget 2023-24

Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24 Circulates scheme for graded settlement terms for stakeholder consultation The Ministry of Finance today circulated a draft scheme for consultation with stakeholders. The scheme is aimed at bringing quick finality to certain contractual disputes in which Government of India or its agencies is a litigant. The draft scheme is available on the website of the Depa..

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MSME & Key Changes in Budget 2023

As you are aware that MSMEs are the backbones of industrial development in any country. These MSMEs are the main source of generation of employment and act as key supporter to various types of big industrial houses and entities. MSMEs play a key role in economic development. The sector accounts for over 80% of businesses and contributes to more than half of the employee share. The share of the formal MSME sector in the GDP is up to 40% in emerging economies. The importance of the sector in In..

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Government provides big relief to MSMEs for COVID-19 period

Government provides a big relief to MSMEs for COVID-19 period; fulfils promise announced in Union Budget 2023-24 95% of bid or performance security forfeited for failure to execute contracts to be refunded; No interest shall be paid on such refunded amount Relief provided in all contracts for procurement of Goods and Services, entered into by Ministry/ Department/ CPSE etc. with MSMEs The Ministry of Finance today provided a major relief to Micro, Small and Medium Enterprises (MSMEs) fo..

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Indirect Tax Proposed Amendments by Finance Bill 2023

GOODS AND SERVICES ACT 2017 Note: (a) CGST Act means Central Goods and Services Tax Act, 2017 (b) IGST Act means Integrated Goods and Services Tax Act, 2017 (c) UTGST Act means Union Territory Goods and Services Tax Act, 2017 Amendments carried out in the Finance Bill, 2023, vide clause 128 to 144 except clause 142 will come into effect from a date to be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States & Unio..

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Finance Bill 2023: GST Amendments

  Section Changes Via Finance Bill, 2023 Our View CGST ACT, 2017 Section 10 of CGST Act, 2017 Clause (d) of sub-section (2) and clause (c) of sub-section (2A) in section 10 of the CGST Act the words "goods or" shall be omitted. Composition dealer can make intra-state supply of goods through e-commerce operator. Section 16 of CGST Act, 2017..

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Union Budget 2023-24: What's changed in GST Law?

CHANGES IN SECTION 10(2) & SECTION 10(2A) THE COMPOSITION SCHEME ALLOWED FOR PERSONS SUPPLYING GOODS THROUGH ECO Section 10(2) and (2A) to be amended to allow persons supplying goods through ECO to opt for a composition scheme. Our comments: Earlier, taxpayers engaged in supplying goods through ECO were not allowed to opt for the composition scheme. Considering the increasing number of small taxpayers selling goods through ECO, the said change has been proposed to allow the benef..

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Analysis of Changes in GST Act 2017 under Budget 2023-24

MAIN GST CHANGES IN BUDGET 2023 Here are 9 Legislative GST Changes that budget 2023-24 brings: 1. DECRIMINALISATION Section 132 and section 138 of CGST Act are being amended, inter alia, to - raise the minimum threshold of tax amount for launching prosecution under GST from Rs. one crore to Rs. two crores, except for the offence of issuance of invoices without supply of goods or services or both; reduce the compounding amount from the present range of 50 percent to 150 percent o..

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Life Insurance Policies & Budget 2023 amendments

As you are aware the Hon’ble Finance Minister has presented Union Budget 2023 on 1st February, 2023. The budget is a progressive and development-oriented budget. The FM has considered all sectors of the country in the budget. The Government has taken care of Agriculture, Infrastructure, Defense, Digital India, Health and Education on equal footing. The main importance has been given to Agriculture, Defense and the Health Sectors. The Government has also fulfilled the demand of middle class..

Posted in articles |   2 comments |   19611 Views

Budget 2023-24: Life Insurance Maturity Sum With Over Rs. 5 Lakh Premium To Be Taxed

 An individual will have to pay tax on the maturity amount of life insurance policies where the aggregate annual premium exceeds Rs.5 lakh, according to a Budget proposal presented on Wednesday. Finance Minister Nirmala Sitharaman in the Union Budget proposed "to provide that where aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs. 5 lakh, income from only those policies with aggregate premium up to Rs. 5 ..

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