The Union Minister of Finance and Corporate presented the first Union budget of “Amrit Kaal” 2023-24 in Parliament 01.02.2022. This budget brought funds for various schemes to achieve the vision of “Atmanirbhar Bharat”. It focused on the empowerment of women, enhancing the skills of artisans, green energy, and various other segments to provide a whole growth to the country.
This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.
Union budget 2023-24 has proposed various amendments in the Income tax act such as Change in slab rates, extended benefits to MSME Enterprises, relaxation in tax audits threshold limits, Relaxations for cooperative societies etc.
Union budget was presented by Hon’ble Finance Minister on 1st Feb 2022 in Parliament wherein various amendments are proposed under Income Tax Act and few changes are also proposed under Goods and Service Tax Act.
In this article, you will get a detailed analysis of amendments proposed by the Finance Act, 2022 in Income Tax and Goods and Service tax.
Major changes in TDS & TCS provisions introduced by the Finance Act, 2021 that are becoming applicable with effect from 1st July 2021.
Following are the amendments proposals in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following condition: senior citizens must have only Interest Income apart from pension Income. Tax has been deducted under section 194P on such interest Income by the bank. The bank where interest income credited should be the same where pension is credited into the senior citizen’s Account.
The Finance Minister has presented the Budget for the financial year 2020-21, on 1st of February 2021. Here are Extractions of amendments in Indirect Taxes of the Union Budget.
In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS
Hon’ble Union Finance Minister Nirmala Sitaraman has proposed various changes in her Budget Speech 2020. Amendments in section 44AD is another significant part of the budget 2020 that requires a discussion. As the Budget 2020 releases, there is an increase in threshold limit of Tax Audit. Here in this article, we are going to talk about all the significant changes the finance minister has proposed in provisions of the tax audit. 1. Increase in threshold limit of tax audit from INR 1 crores to INR 5 crores Through Finance Act, 2020 Government has increased the threshold limit of tax audit
Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified
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