{"id":12628,"date":"2023-02-01T15:57:51","date_gmt":"2023-02-01T15:57:51","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=12628"},"modified":"2023-02-01T17:09:20","modified_gmt":"2023-02-01T17:09:20","slug":"finance-bill-2023-taxation-summary","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/finance-bill-2023-taxation-summary\/","title":{"rendered":"Finance bill 2023 taxation summary"},"content":{"rendered":"<style>\/*! elementor - v3.7.4 - 31-08-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style>\n<h3>Finance Bill, 2023<br \/>\n<\/h3>\n<p><strong>Summary of Amendments \u2013 DIRECT TAXATION<\/strong><\/p>\n<p><strong>Individuals:<\/strong><\/p>\n<ol>\n<li>No change in old tax regime<\/li>\n<li>New tax regime is the default tax regime. However, individuals are free to change to old<br \/>\ntax regime, which is same as last year.<\/li>\n<li>Rebate under New Tax Regime increased from INR 12,500 to INR 25,000 (If total income<br \/>\nis less than 7 lakhs, no tax payable)<\/li>\n<li>Surcharge under New Tax Regime reduced from 37% to 25% &#8211; Effective tax rate will now be 39% in place of 42.74% other than capital gains more than 2 crores.<\/li>\n<li>New Tax Regime Slab Rates<br \/>\n<table>\n<tbody>\n<tr>\n<th>sl.no:<\/th>\n<th>Total Income<\/th>\n<th>Rate of<br \/>\ntax<\/th>\n<\/tr>\n<tr>\n<td>1<\/td>\n<td>Upto 3,00,000<\/td>\n<td>NIL<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>3,00,001 \u2013 6,00,000<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>6,00,001 \u2013 9,00,000<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>9,00,001 \u2013 12,00,000<\/td>\n<td>15%<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>12,00,001 \u2013 15,00,000<\/td>\n<td>20%<\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td>More than 15,00,000<\/td>\n<td>30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Presumptive Taxation Limits (provided total cash receipts is less than 5% of gross receipts<br \/>\n\/ turnover):<br \/>\nBusiness \u2013 3 crores<br \/>\nProfession \u2013 75 lakhs<\/li>\n<li>Exemption of Capital Gains under section 54 &amp; 54F is allowed with restriction cost of new<br \/>\nasset being house property to Rs.10 Crores or less.<\/li>\n<li>Any deductions claimed under Section 24(b) or under provision of Chapter VIA will be<br \/>\nreduced from cost of acquisition for the purpose of computation of capital gain.<strong>MSA Comments:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>It is clear that an individual cannot add the interest component claimed<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>as deduction under House property income to cost of acquisition and repayment of<\/ul>\n<\/li>\n<\/ul>\n<ul>principal (claimed under section 80C) shall be reduced.<\/ul>\n<\/li>\n<li>Contribution to Agnipath Scheme on or after 01.11.2022 shall be allowed as deduction<br \/>\nfrom total income.<\/li>\n<li>Total contribution towards Agniveer Corpus Fund by Central Government Employees<br \/>\nthrough their monthly salary deducted, claimable as deduction under section 80CCH(2).<\/li>\n<li>TDS on PF withdrawals where PAN is not available is reduced from 39% to 10%.<\/li>\n<li>Exemption of maturity value of life insurance proceeds under section 10(10D) shall not<br \/>\nbe available if the total yearly premium paid on all the existing policies exceed Rs. 5 lakhs.<br \/>\nThis condition for claiming exemption would be applicable for policies obtained on or<br \/>\nafter 01.04.2023.<\/li>\n<li>Winnings from online games taxed at 30% as per computation mechanism to be notified.<\/li>\n<li>The authorized dealers (Banks) to collect Tax Collected at Source (TCS) on foreign<br \/>\noutward remittances @5% under Liberalized Remittance Scheme towards for the purpose<br \/>\nof education and medical treatment and amount of remittance exceeds Rs. 7 Lacs and<br \/>\n<strong>@20% in all other remittances irrespective of limits.<\/strong><\/li>\n<\/ol>\n<p><strong>Companies: <\/strong><\/p>\n<ol start=\"15\">\n<li>If shares are issued at a price above the fair market value to any person (Resident \/ Non-resident) the differential premium of total consideration and the fair market value would<br \/>\nbe taxed under Income from Other Sources in the hands of the Company.<\/li>\n<li>Special deduction for SEZ units under section 10AA shall be available only if the SEZs<br \/>\nfile the income tax return within the specified due date. Further, the special deduction for<br \/>\nSEZ would be available only if the entire proceeds from export of goods or services is<br \/>\nbrought into India within 6 months from the end of the previous year.<\/li>\n<li>Eligible start-ups in the event of change in shareholding can now set off and carry forward<br \/>\nlosses up to 10 years from the year of incorporation<\/li>\n<li>The incorporation period for eligible startup is increased from <strong>01st April 2023 to 01st April <\/strong><br \/>\n<strong>2024.<\/strong><\/li>\n<li>Any sum payable by the assesse to a Micro or Small enterprise beyond the time limit<br \/>\nspecified in Section 15 of the MSME Act, 2006 will disallowed under Section 43B.<\/li>\n<\/ol>\n<p><strong>Trusts:<\/strong><\/p>\n<ol start=\"20\">\n<li>If in case a trust is unable to appropriate 85% of the income towards its objects, it is now<br \/>\nrequired to communicate the said fact of non-appropriation in Form 10 at least <strong>2 months<\/strong><br \/>\nprior to the due date of filing income tax return.<\/li>\n<\/ol>\n<p><strong>Co-Operative Societies<\/strong><\/p>\n<ol start=\"21\">\n<li>Co-Operative societies which are engaged in manufacturing are have an option to pay<br \/>\nthe income tax at 15% if the Co-Operative Society set up and registered 01st April 2023<br \/>\nand has commenced manufacturing or production on or before 31st March 2024.<\/li>\n<li>Tax Deducted at Source on cash withdrawal limit increased from Rs.1 Crore to Rs.3<br \/>\nCrores where recipient is a Co-Operative Society.<\/li>\n<\/ol>\n<p><strong>Summary of Amendments \u2013 INDIRECT TAXATION<\/strong><\/p>\n<ol>\n<li>Composition dealers now allowed to make intra-state supply of goods through E-Commerce Operators i.e., Operations through e-Commerce is allowed;<\/li>\n<li>Input tax credit can <strong>either be added to Output tax or reversed from ITC<\/strong>, if consideration<br \/>\nfor supplies is not paid within 180 days;<\/li>\n<li><strong>No requirement to reverse<\/strong> proportionate input tax credit on supply of warehoused<br \/>\ngoods before clearance for home consumption;<\/li>\n<li>GST paid on Goods or services used to fulfil CSR Obligations is NOT eligible as input tax<br \/>\ncredit.<\/li>\n<li>Exempt suppliers \/ agriculturalists need not obtain GST registration (retrospectively),<br \/>\neven if they:<br \/>\n<strong>receive supplies liable under reverse charge;<\/strong><br \/>\n<strong>effect inter-state supplies; <\/strong><br \/>\n<strong>supply through E-commerce operators etc.,<\/strong><\/li>\n<li>Tax payers barred from filing GSTR 1, GSTR 3B, GSTR 9, GSTR 9C and GSTR 8 (TCS<br \/>\nReturn) after <strong>3 years from the respective due dates;<\/strong><\/li>\n<li>Penalty imposed on E-Commerce Operators (ECO) at Rs. 10,000 or tax component,<br \/>\nwhichever is higher if they:<\/p>\n<ul>\n<li>Allow an unregistered person to make supplies through them;<\/li>\n<li>Allow inter-state supplies even when unregistered supplier is not eligible to do so (For<br \/>\nExample, composition dealers as they are not allowed to supply outside their state)<\/li>\n<li>Fail to furnish details in GSTR 8<\/li>\n<\/ul>\n<\/li>\n<li>Below offences are decriminalized (No imprisonment):\n<ul>\n<li>Obstructing an officer;<\/li>\n<li>Failure to provide information and<\/li>\n<li>Tampering \/ Destroying documents.<\/li>\n<\/ul>\n<\/li>\n<li>Applicability of imprisonment if tax evaded is less than 250 lakhs:<br \/>\n<table>\n<tbody>\n<tr>\n<th>Particulars<\/th>\n<th>Imprisonment<\/th>\n<\/tr>\n<tr>\n<td>In case of &#8220;issuing invoice leading to ITC availment \/ utilization<br \/>\n\/ refund without underlying supply&#8221;.<\/td>\n<td>1 year with fine<\/td>\n<\/tr>\n<tr>\n<td>Any other case<\/td>\n<td>No Imprisonment or<br \/>\nfine<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Amount payable for compounding of offences:<br \/>\n<table>\n<tbody>\n<tr>\n<th>Time frame<\/th>\n<th>Minimum<\/th>\n<th>Maximum<\/th>\n<\/tr>\n<tr>\n<td>Earlier to Finance Act, 2023<\/td>\n<td>10,000 or 50% of tax,<br \/>\nwhichever is higher<\/td>\n<td>30,000 or 150% of tax,<br \/>\nwhichever is higher<\/td>\n<\/tr>\n<tr>\n<td>Subsequent to Finance Act,<br \/>\n2023 (Date not yet notified)<\/td>\n<td>25% of tax involved<\/td>\n<td>100% of tax involved<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Common Portal authorized to share these details to various other systems (such as<br \/>\nIncome Tax, RBI) after obtaining consent from parties involved \u2013<\/p>\n<ul>\n<li>Registration application details<\/li>\n<li>Details furnished in GSTR 3B, GSTR 1, GSTR 9 and GSTR 9C<\/li>\n<li>Details uploaded for E-invoice<\/li>\n<li>Details furnished for E-way Bill etc.,<\/li>\n<\/ul>\n<\/li>\n<li><strong>Retrospective applicability of the below supplies as neither goods nor services \u2013 <\/strong>\n<ul>\n<li>Supply of goods from non-taxable territory to another place in non-taxable territory<\/li>\n<li>Supply of warehoused goods before clearance for home consumption<\/li>\n<\/ul>\n<\/li>\n<li>Foreign vendors like Google \/ Facebook \/ Godaddy is now required to pay tax on online<br \/>\ninformation database access or retrieval services under forward charge (in place of RCM<br \/>\nby recipient involved in business) when supplied to unregistered persons.<\/li>\n<\/ol>\n<p><strong>This is for circulation purpose only. In case of any queries, contact +91 80 41633750\/751<\/strong><\/p>\n<p><a href=\"https:\/\/msassociates.pro\/articles\/wp-content\/uploads\/2023\/02\/Finance-Bill-2023_Taxation-Summary-1-1.pdf\"><strong>Click here to read the entire blog<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Bill, 2023 Summary of Amendments \u2013 DIRECT TAXATION Individuals: No change in old tax regime New tax regime is the default tax regime. However, individuals are free to change to old tax regime, which is same as last year. Rebate under New Tax Regime increased from INR 12,500 to INR 25,000 (If total income [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12628","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance bill 2023 taxation summary<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msassociates.pro\/articles\/finance-bill-2023-taxation-summary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance bill 2023 taxation summary\" \/>\n<meta property=\"og:description\" content=\"Finance Bill, 2023 Summary of Amendments \u2013 DIRECT TAXATION Individuals: No change in old tax regime New tax regime is the default tax regime. 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