CAclubindia News

Budget 2023-24: Extending the scope for deduction of tax at source to lower or nil rate

01 February 2023 at 22:01

Section 197 of the Act relates to grant of a certificate of tax deduction at lower or nil rate. It provides for assessee to apply to the Assessing Officer for TDS at zero rate or lower rate, if the tax is required to be deducted under sections 192, 1

Posted in Union Budget | 4563 Views

Budget 2023-24: Tax avoidance through distribution by business trusts to its unit holders

01 February 2023 at 21:45

Finance (No.2) Act, 2014 introduced a special taxation regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InVIT) [commonly referred to as business trusts]. The special regime was introduced in order to address the cha

Posted in Union Budget | 2874 Views

Budget 2023-24: Limiting the roll over benefit claimed under section 54 and section 54F

01 February 2023 at 21:44

The existing provisions of section 54 and section 54F of the Income-tax, 1961 (the Act) allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one year before or two years after t

Posted in Union Budget | 3261 Views

Budget 2023-24: Special provision for taxation of capital gains in case of Market Linked Debentures

01 February 2023 at 21:15

It has been noticed that a variety of hybrid securities that combine features of plain vanilla debt securities and exchange traded derivatives are being issued through private placements and listed on stock exchanges. It is seen that such securities

Posted in Union Budget | 3546 Views

Rationalisation of exempt income under life insurance policies

01 February 2023 at 21:15

Clause (10D) of section 10 of the Act provides for income-tax exemption on the sum received under a life insurance policy, including bonus on such policy. There is a condition that the premium payable for any of the years during the terms of the poli

Posted in Union Budget | 3258 Views

Budget 2023-24: Clarification regarding advance tax while filing Updated Return

01 February 2023 at 17:30

The Finance Act, 2022 inserted sub-section (8A) in section 139 of the Act enabling the furnishing of an updated return by taxpayers up to two years from the end of the relevant assessment year subject to fulfilment of certain conditions as well as pa

Posted in Union Budget | 4257 Views

Budget 2023-24: Relief from special provision for higher rate of TDS/TCS for non-filers of ITRs

01 February 2023 at 17:29

Section 206AB of the Act provides for special provision for higher TDS for non-filers of income-tax returns. Similarly, section 206CCA of the Act provides for special provision for higher TCS for non-filers of income-tax returns. These non-filers i

Posted in Union Budget | 4113 Views

Budget 2023-24: Tax treaty relief at the time of TDS u/s 196A

01 February 2023 at 17:27

Section 196A of the Act provides for TDS on payment of certain income to a non-resident (not being a company) or to a foreign company, at the rate of 20%. The income is required to be in respect of units of a Mutual Fund specified under clause (23D)

Posted in Union Budget | 7233 Views

Budget 2023-24: Rs 9000 crore to be infused in revamped credit guarantee scheme for MSMEs

01 February 2023 at 17:18

₹ 9000 CRORE FOR REVAMPED CREDIT-GUARANTEE SCHEME TO MSMEs₹ 2 LAKH CRORE ADDITIONAL COLLATERAL-FREE CREDIT TO MSMEsRELIEF PROPOSED FOR MSMEs UNDER VIVAD SE VISHWAS I AND II SCHEMESRELIEF TO MSMEs, START-UPS AND PROFESSIONALS THROUGH EASE OF DOING BUS

Posted in Union Budget | 2712 Views

Summary of Union Budget 2023-24

01 February 2023 at 15:31

UNION BUDGET 2023-24 PRESENTS VISION FOR AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD AND INCLUSIVE ECONOMYTHREE PRONGED FOCUS DRIVEN BY FOUR TRANSFORMATIVE OPPORTUNITIES CONSTITUTE FOUNDATION OF AMRIT KAALCAPITAL INVESTMENT OUTLAY INCREASED BY 33% TO Rs. 1

Posted in Union Budget | 6042 Views