Webinar on Union Budget Analysis 2023 will cover following changes proposed by Union Budget 2023 by CA Darshak Shah on 11th of February 2023 at 11.00AM.
1. U/s 35D, preliminary expenses incurred before incorporation for the purpose of feasibility report, project report, etc, shall be allowed for deduction only after submission of statement to income tax authority in prescribed format under prescribed time.
2. If a person does not make payment to an entity registered under MSME within the due date (within 45/15 days), then deduction will only be granted when the payment is actually made. Otherwise it will be disallowed.
3. Changes in Trust
Trust will be required to file form 10 and 9A at-least two months prior to the due date specified under 139(1) & (4) of IT Act.
At present Section 12AB, first provisional registration is done, then final registration is granted for 5 years. It is proposed that, if the activity of a trust has started, then it can apply for permanent registration directly. (w.e.f. 01.10.2023)
U/s 11 and 12, exemption will be availed only if ITR is filed u/s 139(1) and 139(4). This means that above exemption shall not be availed in case of only filing of updated return u/s 139(8A).
If application for renewal of Charitable Trust is not made in Time, Exit Tax shall be applicable u/s 115TD
The application & restatement of Corpus should be completed within a period of 5 years.
Out of donations (Other than Corpus) made by a trust or institution to another trust only 85% of such donation shall be treated as application. (w.e.f. AY 2024-25)
4. Option for filing Modified Return in case of business reorganization within six months for Order.
– Enabled for both, successor & predecessor
–AO need to take in consideration the modified return while assessment proceedings.
5. Amendment u/s 55(2) has been made to define the cost of acquisition and cost of improvement of intangible assets or any other right as ‘Nil’.
6. Section 154, 155 & 244A: (w.e.f 01.10.2023)
Where any income has been included in the return of income of year1 and TDS on such income has been deducted and paid in year2, then TDS can be claimed in Year1, by making an application in the prescribed form to the AO within 2 years from the end of the FY in which such tax was deducted at source.
7. U/s 206C(1G), the TCS rate has been on sale of overseas tour package and any foreign remittance under LRS has been increased to 20% from 5%, with exception of remittance for the purpose of education/ medical treatment.
Registration link: https://forms.gle/3fABUk2eZ8p6UNup6
YouTube Link of Webinar: https://www.youtube.com/watch?v=CalpA1oPqUQ
Link to Subscribe Taxguru YouTube Channel to get notification and update related to upcoming Webinars : https://www.youtube.com/@TaxGuruSolutions
About Speaker: CA Darshak Shah
Darshak Shah is a Chartered Accountant by profession with a key focus on (a) Corporate tax advisory & Litigation service and (b) Business Automation & Analytics.
He is a Partner at S N & Co., prior to S N & Co. he was with KPMG and N A Shah Associates.
He is a member of the International Taxation Board (BCAS) and Invited as a speaker by esteemed Associations. He is a consistent speaker and blogger – writes articles and whitepapers which publish on various platforms for variant taxation Subjects. He has given excellent talks for many platforms on tax-related topics such as GAAR, ESOP, and NRI taxation and of course budgets. He is also a member of the pre-and post-budget analysis committee. Awarded by WIRC study groups on multiple occasions. BCAS shared Memento of Gratitude & Appreciation for sharing knowledge and experience and making invaluable contributions as an Author to the publication titled ” Law & Practice of Transfer Pricing in India – A Compendium”
In a rapidly changing world, business analysis is a daily occurrence. he helps you define your business with standard criteria, and structured entity data helps you analyze key aspects of your business. With this ideology, he has maintained his vision of transforming over 100 small businesses into large corporations.
He handled over 100 high-stakes tax lawsuits in one year, 5+ successful turn-around projects 8 Senior CAs, 5 Listed Companies, 9 SMEs regular litigation panellists.
He always enjoys sharing & empower Professionals & Entrepreneurs via various forums of the business ecosystem, developing core values among teenagers.
Registration link: https://forms.gle/3fABUk2eZ8p6UNup6
YouTube Link of Webinar: https://www.youtube.com/watch?v=CalpA1oPqUQ
Link to Subscribe Taxguru YouTube Channel to get notification and update related to upcoming Webinars : https://www.youtube.com/@TaxGuruSolutions
