Amendments for Tax Incentives to IFSC: Finance Bill 2023
Finance Bill 2023 proposes to extend the period of tax benefits/incentives for funds relocating to ‘IFSC’ from March 31, 2023 to March 31, 2025, as well as to provide …
Category: Budget
Conversion of Gold to EGR and vice versa not ‘Transfer’: Finance Bill 2023
The Finance Bill 2023 proposes to amend income tax law to exempt gold conversion to an electronic gold receipt (EGR) and vice versa from taxation (transfers and capital gains). …
Start-ups Incorporation Timeline Extension for 80-IAC Exemption: Finance Bill 2023
Clause 41 of the Finance Bill 2023 proposes to amend Section 80-IAC of the Income Tax Act 1961 to extend the deadline for incorporation of eligible start-ups for exemption (100% …
Relief to Start-ups in Carry forward/ Set-off of Losses: Finance Bill 2023
Clause 35 of the Finance Bill 2023 proposes to amend Section 79 of the Income Tax Act, 1961 to provide relief to start-ups by extending the benefit of loss …
Higher Limit of Rs. 2 Lac u/s 269SS or 269T for Cooperatives: Finance Bill 2023
Sections 269SS and 269T of the Finance Bill 2023 propose to amend Sections 269SS and 269T to increase the threshold limit for levy of penalty for cash loans/transactions by …
Higher Cash Withdrawal Limit of 3 Crore u/s 194N for Cooperatives: Finance Bill 2023
Clause 85 of the Finance Bill 2023 proposes to amend Section 194N of the Income Tax Act, 1961 to raise the threshold limit for cooperatives to withdraw cash without …
Relief to Sugar Cooperatives from past Tax Demands: Finance Bill 2023
Section 155 of the Income Tax Act of 1961 is proposed to be amended in Clause 74 of the Finance Bill 2023 to allow sugar co-operatives to claim payments …
Tax Exemption for Agniveers (Agnipath Scheme): Finance Bill 2023
It is proposed in Finance Bill 2023 that the Agniveer Corpus Fund payment received by Agniveers enrolled in the Agnipath Scheme, 2022 be exempt from income tax. In addition, it …
Deduction u/s 43B on Timely payment to MSMEs: Finance Bill 2023
Section 43B of the Income Tax Act of 1961 is proposed to be amended in Clause 13 of the Finance Bill 2023 to disallow deduction for transactions with Micro …
Explanatory Notes on Finance Act 2022: CBDT Circular 23/2022
The CBDT has put out Explanatory Notes to the provisions of the Finance Act, 2022, mostly to explain the changes and new rules about income tax (see Circular 23/2022). …