"01 February 2023" Archive

Analysis of Budget 2023 from the point of view of GST

Article analyses changes in GST vide Finance Bill 2023 in Section 10 – Composition Levy, Section 16 – Eligibility and conditions for taking input tax credit, Section 17 – Apportionment of credit and blocked credits, Section 23 – Persons not liable for registration, Section 37 – Furnishing details of outw...

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Inventory Valuation by Cost Accountants under Income Tax proposed for specific cases

Budget day is a day of expectations for all persons may it be professionals / companies / Individuals / other persons. Everybody gets hooked to the TV/other social media platforms to get a firsthand information on the budget. The finance minister presents the budget before the parliament and major changes/provisions are announced there. H...

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Budget 2023-What’s new in the new Income Tax Regime

Today, i.e. 01st February, 2023, Honorable Finance Minister, Smt. Nirmala Sitharaman Ji has presented finance budget for financial year 2023-2024. During her budget speech she has proposed numerous changes so far as direct tax is concerned. Some of them has been enlisted here in a very concise manner: 1. Filing of Income Tax Return will [...

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Union Budget 2023 – Proposed Amendments In GST

Central Goods and Services Tax Act, 2017 (CGST Act) Section 10: Composition Levy Currently, section 10(2)(d) and 10(2A)(c) of the CGST Act restricts the registered person supplying goods through ecommerce operator from opting the composition scheme under the GST law. It has been proposed to amend section 10(2)(d) and 10(2A)(c) of the CGST...

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Analysis of Impact of Budget 2023 on GST

KEY HIGHLIGHTS OF PROPOSED CHANGES IN CGST & IGST ACT, 2017 As Per Finance Bill 2023 COMPOSITION SCHEME Finance Bill 2023 seeks to amend Clause (d) of sub-section (2) and Clause (c) of sub-section (2A) in Section 10 of the CGST Act is being amended so as to remove the restriction imposed on registered persons […]...

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Changes in Rates of Income Tax -Union Budget 2023 – Simplified

In this article Author discusses changes in rates of Income tax proposed in Finance Bill 2023 for A. Y 2024-25 in simplified manner. One of major change proposed in Union Budget 2023 is that New Tax regime (Sec 115BAC ) is now Default Tax Regime from A, Y 2024-25. Now what do you mean by […]...

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RERA Prevails over SARFAESI & can entertain complaints by home buyers against bank: SC

Union Bank of India Vs Rajasthan Real Estate Regulatory Authority (Supreme Court of India)

Union Bank of India Vs Rajasthan Real Estate Regulatory Authority (Supreme Court of India) The Supreme Court upheld  Rajasthan High Court judgment and held that RERA would not apply in relation to the transaction between the borrower and the banks and financial institutions in cases where security interest has been created by mortgaging ...

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Key Highlights – Budget 2023 (Indirect Taxation)

Indirect Tax Proposals Green Mobility: It is proposed to exempt excise duty on GST paid compressed bio gas contained in it. It is proposed to exempt the custom duty on import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles. Electronics: It is proposed to provide relief [...

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Personal Income tax – Budget 2023 – Taxing Gross Income

PERSONAL INCOME TAX PERSPECTIVE IN THE BUDGET 2023 – TAXING THE GROSS INCOME AND GROSSING UP REASONABLE TAX Finance Bill 2023 is a long -cherished desire come true of the Central Government, which has been canvassing for quite some time to do away with the archaic exemption raj of the Income-tax Act,1961. Following the Government’...

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Changes to Section 43B of Income Tax Act – Payment to MSME

New clause (h) is proposed to be inserted to Section 43B of Income Tax Act, 1961 vide Union Budget 2023 namely : Any sum payable to micro or small enterprise beyond the time limit specified in sec. 15 of MSMED. (Note that medium enterprise  are not covered) Shall be allowed on actual payment basis. Please note that proviso […]...

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April 2023