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Taxmann Budget Guide 2023-24

476

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Taxmann Budget Guide 2023-24

This book is a comprehensive commentary on proposed provisions of Finance Bill 2023, authored by Taxmann’s Editorial Board. It covers provisions relating to Direct Tax Laws, Indirect Tax Laws and Corporate & Allied Laws. It explains all complex provisions through examples/illustrations, which helps the reader comprehend the new provisions in a simplified manner.

Budget Guide | 2023-24

476

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Taxmann Budget Guide 2023-24 Description

This book is a commentary on the proposed provisions of the Finance Bill 2023. It consists of three divisions:

  • Direct Tax Laws (13+ Chapters | 80+ Sub-Topics)
  • Indirect Tax Laws (3+ Chapters | 20+ Sub-Topics)
  • Corporate & Allied Laws (1 Chapter | 3+ Sub-Topics)

All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions in a simplified manner.

The Present Publication is the 2023 Edition, authored by Taxmann’s Editorial Team. The noteworthy features of the book are as follows:

  • Income-tax Proposed Amendments at a Glance
  • [Tax Rates] applicable for the assessment year 2024-25
  • [Threadbare Analysis] on all proposed amendments
  • [Examples/Illustrations] to understand all complex provisions
  • [Charts & Tables] to get an overview of the provisions

The coverage of the book is as follows:

  • Direct Tax Laws
    • Tax Rates Reckoner
      • Tax Rates
      • Rates of Surcharge
      • When should one opt for the alternative tax regime?
      • Concessional Tax Rates to promote new manufacturing Cooperative Societies
      • Winnings from Online Games
    • Taxation of Life Insurance Policies
      • Concept and Type of Life Insurance
      • Current Tax Provisions
      • Proposed Amendments
      • Analysis of amendments proposed in Section 10(10D)
      • Overview of tax on various Life Insurance Policies
    • Charitable and Religious Trusts
      • Introduction
      • Direct Grant of Regular Registration or Approval
      • Application for Provisional Registration or Approval
      • Deduction for Donation to Other Trusts
      • No Benefit of Rollback of Exemption Provisions
      • No Benefit of exemption provisions by filing an updated return of income
      • Time limit for filing form for accumulation of income
      • Incomplete or false information in the registration application can attract cancellation of registration/approval
      • Provisions of accreted tax extended to trusts not applying for re-registration or re-approval
      • Treatment of application out of corpus, loans or borrowings
    • Income from Business or Profession
      • Increase in the Threshold for Audit [Section 44AB]
      • Clarification about Benefits or Perquisites may be in cash or in-kind [Section 28(iv)]
      • Relaxation in the conditions to claim a deduction for preliminary expenses [Section 35D]
      • More expenses are added to the list of deductions allowed on a payment basis [Section 43B]
      • Categorisation of NBFC [Section 43D]
    • Capital Gains
      • Maximum Exemption under Section 54 or Section 54F shall not exceed Rs. 10 Crores
      • Exemption on conversion of gold to electronic gold receipts and vice versa
      • No double deduction for interest on housing loan
      • Cost of acquisition and cost of improvement of an intangible asset shall be nil
      • Special provisions for taxation of capital gains from market-linked debentures
      • Rationalising meaning of consideration in JDA transactions
      • Tax Incentives to IFSC [Section 47(viiad)]
    • Other Income
      • Expanding the scope of deeming provisions to gifts received by not-ordinary residents [Section 9]
      • Angel Tax on receiving excess share application money or premium from non-resident investors
      • Sum received from business trust to be taxable as residuary income
    • Carry Forward and Set Off of Losses
      • Relief to start-ups in carrying forward and setting off of losses [Section 79]
      • Facilitating certain strategic disinvestment [Section 72A and Section 72AA]
    • Deductions and Exemptions
      • Tax benefits to persons enrolled under Agnipath Scheme
      • Extension in the outer date for the incorporation of Start-up company [Section 80-IAC]
      • Regulation of Alternative Investment Funds
      • Eliminate double taxation of non-residents’ income from offshore derivatives instruments
      • Exemption for news agencies under Section 10(22B) withdrawn
      • Return filing and timely inward remittance of proceeds for Section 10AA exemption
      • Removal of certain funds from Section 80G deduction
      • Removal of redundant provisions
      • Exemptions to income of development authorities
    • TDS/TCS
      • Relief from special provisions from a higher rate of TDS/TCS for non-filers of Income-tax returns [Section 206AB and Section 206CCA]
      • Increase in the rate of TCS on certain remittances
      • TDS rate on payment of EPF withdrawal reduced where PAN of EPF holder isn’t available
      • Deduction of tax at source from winnings from online games
      • Removal of exemption from TDS on payment of interest on listed debentures to a resident
      • Applicability of threshold limit in case of TDS on winning from lottery, crosswords or horse races
      • Raising the limit for cooperative societies to take out cash without TDS
      • Clarificatory amendment in Section 194R
      • Benefit of treaty rate the time of TDS under Section 196A
      • Lower/Nil TDS certificate can be obtained for income received from the business trust
    • Assessments
      • Rationalisation of the limitation period of completion of an assessment
      • Inquiry for valuation of inventory
      • Set off and withholding of refunds in certain cases
      • Assistance to an authorised officer during search and seizure
      • Rationalisation of reassessment provisions
      • Modification in assessment – Relief for sugar cooperatives
      • TDS credit for income disclosed in past years’ ITR
    • Penalties and Prosecutions
      • Account holders to pay the penalty for misreporting in SFTs
      • Penalty and prosecution if the deductor fails to ‘ensure payment of TDS’
      • Insertion of sunset clause under Section 276A
      • No appeal against the order denying immunity from the penalty for under-reporting of income
    • Appeals
      • Appeal can be filed to the ITAT against the penalty order passed by the CIT(A)
      • A new appellate authority of the Joint Commission (Appeals) is introduced
      • Extension of time limit for disposing of pending rectification applications by the interim board of settlement [Section 245D]
    • Transfer Pricing
      • Business transactions with cooperative societies within the ambit of specified domestic transaction
      • Ten days time period to furnish transfer pricing report
    • Miscellaneous
      • Exclusion of NBFC from Thin Capitalisation
      • Uniform methodology for valuation of residential accommodation to employees
      • Adjusting advance tax in computing interest for updated return under Section 234B
      • Amendments in penalty provisions related to cash loans/transactions against primary cooperatives
  • Indirect Tax Laws
    • Goods and Services Tax Act
      • Proposal to allow composition dealers and unregistered dealers to affect the supply of goods through ECOs
      • Proposal to reverse ITC or pay tax on non-payment to vendors within 180 days
      • Value of exempt supply under Section 17(3) is proposed to include the supply of goods from bonded warehouse
      • Proposal to block ITC on CSR expenditure under Section 17(5)
      • Provisions of non-requirement of registration is proposed to be given overriding effect
      • Filing of GST Returns/statements proposed to be restricted to a maximum period of 3 years
      • Proposal to align provisional refund provisions with the present scheme of self-assessed ITC
      • Proposal to provide the manner of computation of period of delay for calculation of interest on delayed refunds
      • Imposition of penalty on ECO for furnishing incorrect information
      • Proposal to decriminalise certain offences under the GST law
      • Proposal to increase the threshold limit for prosecution to Rs. 2 Crores
      • Amendments proposed in the provisions relating to the compounding of offences
      • Proposal to insert a new Section for allowing consent-based sharing of information furnished by taxable person
      • Proposal to give retrospective effect for inclusion of in-bond sales and High Sea sales under Schedule III
      • Proposal to amend the definition of OIDAR services and non-resident taxable persons
      • Specific place of supply provisions for services of transportation of goods outside India is proposed to be omitted
    • Central Sales Tax Act
      • CESTAT is Proposed to Function as Authority to Settle Inter-State Disputes under CST Act
    • Customs Law
      • Proposal to exclude specified conditional exemption notifications from a validity period of 2 years
      • Proposed time limit of 9 months from the date of filing applications for passing final order by Settlement Commission
      • Retrospective amendments in the provisions relating to Anti-Dumping Duty, Countervailing Duty and Safeguard Measures
    • Customs Tariff and Central Excise Duty
      • Customs Duty Rate Changes
      • Changes in Central Excise Duty
  • Miscellaneous
    • Corporate & Allied Laws
      • Amendment to the Indian Stamp Act, 1899
      • Amendment to the Prohibition of Benami Property Transaction Act, 1988
      • Amendment to the Securities Contracts (Regulation) Act, 1956
      • Amendment to the Government Savings Promotion Act, 1873

Taxmann Budget Guide 2023-24

Publisher

Language

Authors

Binding Type

Edition

Date of Publication