Author: Kewal Garg

As part of the move to gradually phase out exemptions and deductions, Clause 5 of the Finance Bill 2023 proposes to withdraw the income tax exemption u/s 10(22B) for …

Section 35D of the Income Tax Act is proposed to be amended in Clause 12 of the Finance Bill 2023 to remove the requirement for using companies pre-approved by …

Finance Bill 2023 proposes to extend the concessional tax regime of 15% to new manufacturing co-operative societies that begin manufacturing operations before March 31, 2024, on par with new manufacturing …

Clause 33 and 34 of the Finance Bill 2023 has proposed amendments in Sections 72A and 72AA of the Income Tax Act to facilitate certain strategic disinvestments, by allowing …

Finance Bill 2023 proposes to insert a new Section 10(46A) to exempt the income of a body or development authority, such as a board, trust, or commission (not a …

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 …

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). …

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% …

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 …

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 …