Taxmanns Budget Guide | 202324 Comprehensive commentary on proposed provisions of the Finance Bill 2023 covering Direct Tax

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 Taxmanns 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 provisionsThe coverage of the book is as follows: Direct Tax Lawso 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 Gameso 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 Policieso 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 borrowingso 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]o 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)]o 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 incomeo 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]o 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 authoritieso 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 isnt 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 trusto 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 pro