Union Budget & Policy News

Budget 2023-24: Removal of exemption from TDS on payment of interest on listed debentures to a resident

01 February 2023 at 14:16

Section 193 of the Act provides for TDS on payment of any income to a resident by way of interest on securities.2. The proviso to section 193 of the Act provides exemption from TDS in respect of payment of interest on certain securities. Clause (ix)

Posted in Union Budget & Policy | 3891 Views

Budget 2023-2024: TDS and taxability on net winnings from online games

01 February 2023 at 14:09

Section 194B of the Act provides that the person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the

Posted in Union Budget & Policy | 9186 Views

Budget 2023: Ease of compliance

01 February 2023 at 13:50

Ease in claiming deduction on amortization of preliminary expenditureSection 35D of the Act provides for amortization of certain preliminary expenses which are incurred prior to the commencement of business or after commencement, in connection with e

Posted in Union Budget & Policy | 4158 Views

Budget 2023-2024: 15% concessional tax to promote new manufacturing co-operative society

01 February 2023 at 13:49

The Taxation Laws (Amendment) Act, 2019, inter-alia, inserted section 115BAB in the Act which provides that new manufacturing domestic companies set up on or after 01.10.2019, which commence manufacturing or production by 31.03.2023 and do not avail

Posted in Union Budget & Policy | 3654 Views

Budget 2023-24: Extension of date of incorporation for eligible start-up for exemption

01 February 2023 at 13:38

The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment y

Posted in Union Budget & Policy | 3366 Views

Budget 2023-24: Relief to start-ups in carrying forward and setting off of losses

01 February 2023 at 13:38

Section 79 of the 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 in share

Posted in Union Budget & Policy | 2589 Views

Budget 2023-24: Penalty for cash loan/ transactions against primary co-operatives

01 February 2023 at 13:38

Section 269SS of the Act provides that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is

Posted in Union Budget & Policy | 4455 Views