TMI Short Notes

Union Budget 2023-24 + FINANCE Bill, 2023

1. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]

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2. TDS - Rates for deduction of income-tax at source during the financial year (FY) 2023- 24 from certain incomes other than “Salaries”.

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3. Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25

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4. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person for the FY 2023-24 i.e. AY 2024-25

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5. Co-operative Societies - Rate of Income Tax

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6. Firms – Rate of Income Tax on Firms / Partnership Firm

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7. Local authorities - Rate of Income Tax

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8. Companies – Rate of Income Tax / Corporate Tax

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9. Income Tax - Rebate under section 87A

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10. AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017

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11. AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001

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12. AMENDMENTS TO THE CUSTOMS ACT, 1962

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13. Decriminalisation of section 276A of the Act

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14. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.

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15. Omission of certain redundant provisions of the Act

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16. Set off and withholding of refunds in certain cases

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17. Removal of certain funds from section 80G

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18. Denial of exemption where return of income is not furnished within time

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19. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report

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20. Trusts or institutions not filing the application in certain cases

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21. Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10

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22. Combining provisional and regular registration in some cases

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23. Omission of redundant provisions related to roll back of exemption

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24. Treatment of donation to other trusts:

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25. Rationalisation of the provisions of Charitable Trust and Institutions

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26. Providing clarity on benefits and perquisites in cash

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27. Non-Banking Financial Company (NBFC) categorization

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28. Specifying time limit for bringing consideration against export proceeds into India

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29. Rationalization of provisions related to the valuation of residential accommodation provided to employees

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30. Bringing the non-resident investors within the ambit of section 56(2)(viib) to eliminate the possibility of tax avoidance

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31. Clarification regarding advance tax while filing Updated Return

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32. Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns

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33. Facilitating TDS credit for income already disclosed in the return of income of past year

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34. TDS on payment of accumulated balance due to an employee

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35. Tax treaty relief at the time of TDS under section 196A of the Act

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36. Excluding non-banking financial companies (NBFC) from restriction on interest deductibility

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37. Amendments in consequence to new provisions of TDS

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38. Penalty for furnishing inaccurate statement of financial transaction or reportable account

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39. Provisions relating to reassessment proceedings

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40. Modification of directions related to faceless schemes and e-proceedings

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41. Alignment of timeline provisions under section 153 of the Act

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42. Rationalization of the provisions of the Prohibition of Benami Property Transactions Act, 1988 (the PBPT Act)

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43. Provisions related to business reorganisation

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44. Assistance to authorised officer during search and seizure

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45. Rationalisation of Appeals to the Appellate Tribunal

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46. Reducing the time provided for furnishing TP report

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47. Introduction of the authority of Joint Commissioner (Appeals)

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48. Extension of time for disposing pending rectification applications by Interim Board for Settlement

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49. Defining the cost of acquisition in case of certain assets for computing capital gains

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50. Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property

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51. Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC

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52. Rationalisation of exempt income under life insurance policies

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53. Preventing permanent deferral of taxes through undervaluation of inventory

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54. Special provision for taxation of capital gains in case of Market Linked Debentures

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55. Limiting the roll over benefit claimed under section 54 and section 54F

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56. Increasing rate of TCS of certain remittances
    1 Comment

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57. TDS and taxability on net winnings from online games

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58. Preventing misuse of presumptive schemes under section 44BB and section 44BBB

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59. Removal of exemption from TDS on payment of interest on listed debentures to a resident

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60. Tax avoidance through distribution by business trusts to its unit holders

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61. Removal of exemption of news agency under clause (22B) of section 10

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62. Extending deeming provision under section 9 to gift to not-ordinarily resident

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63. Extending the scope for deduction of tax at source to lower or nil rate

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64. Increasing threshold limits for presumptive taxation schemes

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65. Ease in claiming deduction on amortization of preliminary expenditure

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66. 15% concessional tax to promote new manufacturing co-operative society

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67. Facilitating certain strategic disinvestment

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68. Exemption to development authorities etc.

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69. Tax Incentives to International Financial Services Centre

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70. Conversion of Gold to Electronic Gold Receipt and vice versa

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71. Extension of date of incorporation for eligible start-up for exemption

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72. Relief to start-ups in carrying forward and setting off of losses

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73. Penalty for cash loan/ transactions against primary co-operatives

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74. Increasing threshold limit for co-operatives to withdraw cash without TDS

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75. Relief to sugar co-operatives from past demand

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76. Agnipath Scheme, 2022

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77. Promoting timely payments to Micro and Small Enterprises

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