https://www.taxtmi.com/article/detailed?id=11326 Finance Act, 2023 omits multiple provisions of the Income Tax Act that change definitions, remove specified exemptions under section 10, delete provisos to section 12A affecting trust registration consequences, and excise sub clauses that linked capital gains reinvestment exemptions and various deductions to rebate provisions. It further removes words and sub paragraphs affecting deductions under life insurance and pension provisions, alters rules on taxation of share premium receipts, modifies procedural language on updated returns, assessment timelines, TDS PAN requirements, sanction for notices, and wording in penal provisions, thereby narrowing prior exemption, rebate and procedural regimes. en-us Tue, 18 Apr 2023 09:57:54 +0530 Tue, 18 Apr 2023 09:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11326 Finance Act, 2023 omits multiple provisions of the Income Tax Act that change definitions, remove specified exemptions under section 10, delete provisos to section 12A affecting trust registration consequences, and excise sub clauses that linked capital gains reinvestment exemptions and various deductions to rebate provisions. It further removes words and sub paragraphs affecting deductions under life insurance and pension provisions, alters rules on taxation of share premium receipts, modifies procedural language on updated returns, assessment timelines, TDS PAN requirements, sanction for notices, and wording in penal provisions, thereby narrowing prior exemption, rebate and procedural regimes. Articles Income Tax Tue, 18 Apr 2023 09:57:54 +0530 https://www.taxtmi.com/article/detailed?id=11326