Direct Taxes Proposals – Budget 2023
DIRECT TAX PROPOSALS – BUDGET 2023 1. New Cooperatives – 15% Tax Rate. 2. Higher limit of cash deposit & TDS (3 lakhs) limit for Primary Cooperatives etc. 3. Start Ups benefits extended by 1 year to 1.4.2023. 4. No Capital Gain on gold conversion to bonds. 5. TDS on EPF Reduced. 6. Relief 87A […]
Income & MSME Updates – Finance Bill 2022
INCOME — The government will tax income from digital asset transfers at 30% — No deduction allowed while computing income except the cost of acquisition — Loss cannot be set off from any other income — Gift of cryptocurrencies to be taxed at receiver’s end — A new provision to allow taxpayers to file an […]
Quick GST Changes Update – Finance Bill 2022
1. Time Limits u/s 16(4), Section 34 & Section 37, Section 52 has been extended by two months. Impact: ITC can be claimed by November of next financial year instead of September of next financial year. 2. Section 42, 43 & 43A of the CGST Act are omitted to do away with two-way communication in […]
Budget 2022 – Quick Summary
DEFICIT/EXPENDITURE 1. Proposes fiscal deficit of 4.5% of GDP by 2025/26 2. Projects fiscal deficit of 6.4% of GDP in 2022/23 3. Revised fiscal deficit for 2021/22 at 6.9% of GDP 4. Total expenditure in 2022/23 seen at 39.45 trillion rupees 5. States will be allowed a 4% fiscal deficit to GDP in FY23 6. […]