Budget 2023 articles

Analyzing the taxability of online gaming vis-a-vis Finance Bill, 2023: A conspicuous intention with poor implementation

Explore tax implications of online gaming in India under Finance Bill, 2023. Learn about new tax deductions and regulations for online gaming income....

SOP for making application for re-computation of total income for sugar factories

Circular No. 14/2023 Income Tax 29/07/2023

Guide to the SOP for re-computing total income for sugar factories post amendments to the Income Tax Act 1961. Key steps and timeline for application....

Budget 2023 Key Highlights Applicable From AY 2024-2025 (From Income Tax Perspective)

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) o...

Calculation of “Net Winnings” for Section 194BA – Winning from Online Games

Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 with effect from 1st April 2023. As per section 194BA, a person who is responsible for paying to any person any income by way of winnings from any online game during the financial year to deduct income-tax on the net winnings in […]...

TCS on Credit Card Payments: Impact on International Transactions & How to Navigate Changes

With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS). This change has brought a significant impact on the tax liabilities and expenses of individuals using credit cards for transactions outsid...

TCS on foreign remittance through Liberalised Remittance Scheme – FAQs

Frequently Asked Questions #FAQs w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme....

Applicability of Marginal relief under new regime as well as old tax regime

Marginal relief is a concept in income tax act which helps in reducing the burden of taxpayers whose income is marginally above a certain threshold. This concept is applicable in relation to surcharge (for both old and new regime) and the rebate/s 87A (for new regime only). Let’s understand its implications with the help of […]...

Changes in Income Tax Law Regarding MSMEs: Payment Compliance & Deductions

Finance Act, 2023 introduced significant amendments related to Micro, Small, and Medium Enterprises (MSMEs) in India. One of the key changes pertains to the payment compliance and deductions for MSMEs. Let's explore the definition of MSMEs, the amendment to Section 43B of the Income Tax Act, and provide some author remarks on the matter....

Impact of Budget 2023 – Tax amendment pertaining to MSME payments

Executive summary The article contains a crisp summary on amendments introduced by Budget 2023 pertaining to MSME payments and the implications of the amendments on the commercial transactions. Budget 2023 amendments – Promoting timely payments to Micro and Small Enterprises 1.Section 43B of the Act provides for certain deductions t...

Old Vs New Income Tax Regime Which Tax Regime is better?

In the Finance Bill, 2023 New Tax Regime has been introduced with some benefits compared to earlier New Tax Regime. Earlier New Tax Regime was not so attractive, but the Latest amendment made that new regime more attractive to shift from Old Regime for majority of the individuals who are earning gross salary of 15.5 […]...

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