Category: Budget

iscover the latest changes to direct and indirect taxes outlined in the Finance Act 2023, and learn how they may impact your finances.

Extracts of the GST related Amendments made in the Finance Act, 2023, as notified by the GOI on 31/03/2023, post assent of the Hon’ble President of India.

The Finance Bill 2023 proposes raising the presumptive taxation thresholds for micro enterprises (small businesses) and certain professionals to Rs. 3 crore and Rs. 75 lakh, respectively, if their …

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 …

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). …