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The Union Budget was presented on 01.02. 2023 by Finance Minister Smt. Nirmala Sitharaman, wherein she proposed various amendments to the Finance Bill 2023. The key highlights of the same shall be discussed in the present article.
The changes proposed in the tax rates as per the Finance Bill 2023 are discussed below-
The Finance Bill 2023 proposed certain amendments regarding the deductions and exemptions such as –
The Finance Bill 2023 has also proposed certain tax benefits for the Agniveer, as discussed hereinunder.
The following Amendments are proposed regarding the income from Business or Profession as per the Finance Bill 2023 –
The proposed amendments regarding the capital gains as per the Finance Bill 2023 are enumerated below-
The Finance Bill 2023 proposed the following in this regard
The proposed amendments regarding the Assessment and Appeals as per the Finance Bill 2023 are
The Finance Bill 2023 has also proposed certain amendments regarding Setoff and Carry Forward of Losses, as discussed below-
The amendments in respect of penalties according to the Finance Bill 2023 are
Some of the other proposals in the Finance Bill 2023 are
The proposed changes in Finance Bill 2023 can lead to a better taxation system in the country by providing the required relief to the assessees, streaming the filing and grievance redressal process and better tax management.
Read our Article: Union Budget 2023: An Overview
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