List of Budget documents presented to Parliament includes Budget 2023 Speech, Annual Financial Statement, Demands for Grants, Finance Bill
MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT PAY INCOME TAX IN NEW TAX REGIME TAX EXEMPTION LIMIT INCREASED TO RS. 3 LAKH CHANGE IN TAX STRUCTURE: NUMBER OF SLABS REDUCED TO FIVE SALARIED CLASS AND PENSIONERS TO GAIN ON EXTENSION […]
Ministry of Finance DIRECT TAX PROPOSALS AIMED AT REDUCING COMPLIANCE BURDEN, PROMOTING ENTREPRENEURIAL SPIRIT & PROVIDING TAX RELIEF TO CITIZENS NEXT-GENERATION COMMON IT RETURN FORM FOR TAX PAYER CONVENIENCE TO BE ROLLED OUT LIMITS OF PRESUMPTIVE TAXATION ENHANCED TO Rs 3 CRORE FOR MICRO ENTERPRISES AND Rs 75 LAKH FOR PROFESSIONALS WITH CASH PAYMENTS LESS […]
BASIC CUSTOMS DUTY RATES ON GOODS, OTHER THAN TEXTILES AND AGRICULTURE, REDUCED FROM 21 TO 13 CUSTOM DUTY EXEMPTED ON IMPORT OF CAPITAL GOODS AND MACHINERY FOR MANUFACTURE OF LITHIUM-ION CELLS FOR BATTERIES USED IN ELECTRIC VEHICLES EXEMPTION IN CUSTOM DUTY ON VARIOUS PARTS OF IT & ELECTRONICS INVERSION OF DUTY STRUCTURE RECTIFIED FOR ELECTRIC […]
Budget 2023-24 proposed to revise National Calamity Contingent Duty (NCCD) on specified cigarettes upwards by about 16 percent.
Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
ITAT Visakhapatnam held that merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) of the Income Tax Act 1961 as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company.
Delhi High Court held that power of Enforcement Directorate (ED) stands confined to the offense of money laundering as defined in terms of Prevention of Money Laundering Act, 2002.
ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act.
K.L. Suneja Vs Dr. (Mrs.) Manjeet Kaur Monga (D) (Supreme Court of India) An interesting question arose in this case where an apartment buyer was returned the money paid by her by way of a Pay-order by the developer instead of giving the flat. This was disputed by the flat allottee as she was willing […]
