Key Amendments in India's Finance Bill 2023: A Focus on Taxation and Litigation

Rashmi | Last updated: 27 March 2023

Save Share

Quick Summary

India's Finance Bill 2023 has been passed with significant amendments impacting taxpayers and businesses. Key changes include tax relief for those opting for the new tax regime, adjustments to mutual fund taxation, and the inclusion of foreign travel credit card payments under the Liberalised Remittance Scheme (LRS). The bill also introduces a GST Tribunal to resolve disputes and revises tax rates on royalties and fees for technical services.

The Finance Bill 2023 is a bill that includes tax proposals for the fiscal year beginning on April 1, 2023. It was passed by the Lok Sabha, the lower house of the Indian Parliament, on March 24, 2023. The Lok Sabha has passed the Finance Bill 2023 with 64 official amendments. The bill includes several major amendments, some of which are: 1. Tax relief for taxpayers opting for a new tax regime who earn a marginally higher income than the no-tax ceiling of Rs 7 lakh. 2. Removal of long-term

Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Articles Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

4597 Views Comment Share Income Tax Report

About the Author

Rashmi

business

I am a Chartered Accountant with over 2 decades of experience in Auditing, Taxation, Accounting, Due diligence. I am currently a Managing Partner at RRL Global Services. I can be reached at rrlglobal @ yahoo.com or @ 9811757230

View Articles

Comments :