Explore the key highlights of Budget 2023 applicable from AY 2024-2025, including the introduction of the definition of Joint Commissioner and provisions related to Electronic Gold Receipts and its conversion.
Budget 2023 Key Highlights Applicable From AY 2024-2025 (From Income Tax Perspective)
Joint Commissioner
> Insertion of Section 2(28CA): ‘Definition of Joint Commissioner’
Means a person appointed to be a Joint Commissioner of Income Tax (Appeals) or an Additional Commissioner of Income Tax (Appeals) under sub-section (1) of section 117.
The same has been inserted to clear the bottleneck of Overburdened first authority for appeal, Commissioner (Appeals) due to the huge number of appeals and the pendency being carried forward every year.
This new authority for appeals is being proposed handle certain class of cases involving small amount of disputed demand. Such authority has all powers, responsibilities and accountability similar to that of Commissioner (Appeals) with respect to the procedure for disposal of appeals.
“Electronic Gold Receipts and its Conversion”
> Insertion of Section 2(42A)(hi): “Period of Holding in case of Electronic Gold Receipts and its Conversion”
> Insertion of Section 49(10): “Cost of Acquisition in case of Electronic Gold Receipts and its Conversion”
> Insertion of Section 47(viiid): “Transaction not regarded as Transfer in case of Electronic Gold Receipts and its Conversion”
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