Finance Act 2023: Changes to Income Tax Rates, Deductions, and New Incentives for IFSCs; Impacts Online Gaming Taxation.
The Finance Act, 2023 introduces several amendments to the Income Tax Act, 1961, impacting various tax provisions. Key changes include adjustments to income tax rates for different entities, with specific rates for individuals, Hindu Undivided Families, firms, and companies. The Act also revises provisions for deductions, capital gains, and presumptive taxation schemes, and introduces new tax incentives for International Financial Services Centres (IFSCs). Additionally, it addresses tax treatment for online gaming, market-linked debentures, and mutual funds. The Act further modifies procedures for tax assessments, appeals, and penalties, aiming to streamline tax administration and compliance.
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