The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today.
My expectations for the 2023 budget are unique. Instead of requesting an increase in tax deductions for the middle class (such as through raising Section 80C, 80D, and 24(b)), I believe the government should focus on attracting wealthy individuals to live and invest in India.
We would like to make some suggestions on Income Tax & GST as our Pre-Budget Memorandum for Budget 2023
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Expected Changes in GST | Union Budget 2023-24
Section 194 of the Indian Income Tax Act governs the TDS (Tax Deducted at Source) on payment of dividends.
Section 194H of the Income Tax Act governs the taxation of commission or brokerage. According to this section, any person responsible for paying to any income by way of commission or brokerage shall deduct tax at source of such income.
Foreign Investment in India is governed by the FDI policy announced by the Government of India and the provisions of the Foreign Exchange Management Act (FEMA) 1999.
This year, the budget is likely to be growth-oriented with a focus on capex, manufacturing, infrastructure, and rural economy. This budget is also the last full budget of the Government before the General elections in 2024.
Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.