Presentation of Seminar on Analysis of Union Budget 2023 February 8, 2023
Published in: TaxBuzz
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The Union Budget, 2023 has been presented in the backdrop of a volatile geopolitical and economic environment. However, the Budget does a good balancing act, staying course to meet the target to cut down on the fiscal deficit and at the same time focusing on the increased capital outlay to bolster growth.
From the Direct-tax perspective, however, “certainty and continuity in the policy decisions” and “ease of compliances” appear to be the central theme. Several significant tax amendments have been proposed in Finance Bill, 2023, for e.g.,
- New tax regime for taxation at concessional rates, for individual and HUF and for new manufacturing co-operatives setup between 01.04.2023 to 31.03.2024.
- Taxation of deemed accrual of gift made to residents and not to ordinarily residents (“RNOR”).
- Provisions for taxation of start-up – amendment to section 80IAC and section 79.
- Payment to MSME – amendment to section 43B, impact.
- Taxation of shares issued to non-resident (angel) investors.
- Cost of improvements/ amendments – Intangible assets – section 55.
- Taxation of Charitable Trusts and Institutions.
- Taxation of distribution by “Business Trusts”.
- Taxation of monetary benefits under section 28 and TDS under section 194R – reversal of the SC judgment in Mahindra & Mahindra.
- Increase in rates of TCS on foreign remittances through LRS/ Overseas tour packages.
- Withholding of refunds.
Vaish Associates Advocates organized seminar on the fallout of proposals contained in Finance Bill, 2023 on 4th February, 2023, with Mr. Ajay Vohra, Senior Advocate, leading tax litigator and an authority on tax laws, spearheading the discussions along with Partners of the Firm.
Please find below the link to view the presentations analyzing threadbare, the proposals of Finance Bill 2023 and their likely impact.
Presentation on Direct-tax Provisions
Presentation on Indirect-tax Provisions