Union Budget 2023: Income Tax Exemption For Development Authorities

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed the income tax exemption to development authorities etc.It has been proposed to provide exemption to any income arising to a body or authority or board or trust or commission, (not being a company) which has been established or constituted by or under a Central or State Act with the purposes of satisfying the need...

Finance Minister Proposes Tax Incentives To International Financial Services Centre

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed tax incentives to the international financial services centre (IFSC).Over the past few years several tax concessions have been provided to units located in the International Financial Services Centre (IFSC) under the Act to make it a global hub of the financial services sector.In order to further incentivize...

5 Things Budget 2023-24 Brings In For Investors

The Finance Minister Nirmala Sitharaman has presented the Budget 2023-24. Here are 5 things budget 2023-24 brings in for investors:1. No Exemption on proceeds of insurance policies with premiums more than Rs. 5 LakhsIn order to curb misuse, it is proposed to tax income from insurance policies (other than ULIP for which provisions already exists) having premium or aggregate of premium above...

Conversion Of Physical Gold To Electronic Gold Receipt Will Not Attract Any Capital Gains: Finance Minister

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed that the conversion of physical gold to Electronic Gold Receipt and vice versa is proposed not to be treated as a transfer and not to attract any capital gains. This would promote investments in the electronic equivalent of gold.In order to promote the concept of Electronic Gold, it is proposed to exclude the conversion...

Budget 2023-24: Payment Received By Agniveers From Agniveer Corpus Fund Proposed To Be Exempted From Taxes

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed to make various amendments in order to allow deduction from the computation of total income of Agniveer, any contribution made by him or the Central Government to his Agniveer Corpus Fund account and to exempt from tax any payment received by Agniveer or his nominee, from the Agniveer Corpus Fund.It is proposed to insert...

Finance Minister Proposes To Extend Date Of Incorporation For Eligible Start-Ups For Exemption

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed to extend the date of incorporation for eligible start-ups for exemption.The existing provisions of the section 80-IAC provides for a deduction of an amount equal to 100% of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years,...

Finance Minister Proposes Penalty For Cash Loan/Transactions Against Primary Co-operatives

Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed penalty for cash loan/transactions against primary co-operatives.The government has proposed to amend section 269SS of the Income Tax Act to provide that where a deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member or a loan...

Budget 2023-24: Relief To Start-Ups In Carrying Forward And Setting Off Losses

Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has provided relief to start-ups in carrying forward and setting off of losses.Section 79 of the Income Tax Act restricts carrying forward and setting off of losses in cases of companies, other than the companies in which the public is substantially interested. It prohibits setting off of carried forward losses if there is change...

Budget 2023-24: Finance Minister Announces Relief For Sugar Co-operatives From Past Demand

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed that for sugar co-operatives, for years prior to A.Y. 2016-17, if any deduction claimed for expenditure made on purchase of sugar has been disallowed, an application may be made to the Assessing Officer, who shall recompute the income of the relevant previous year after allowing deduction up to the price fixed or...

Budget 2023-24: Income Tax Deduction Allowed Only On 'Actual Payment' Of Sum Payable By Assessee To MSMEs

With the objective of promoting timely payments to Micro and Small Enterprises, Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed to insert a new clause (h) in section 43B to provide that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act...

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS.The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as if for the words...

39,000 Compliances Reduced, Over 3,400 Legal Provisions Decriminalized To Enhance Ease Of Doing Business In India: Finance Minister

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman said that for enhancing ease of doing business in India, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. She has also proposed to decriminalise section 276A of the Income Tax Act.Section 276A makes provision for prosecution with rigorous imprisonment up to two years...