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News Bills
Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2...
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TDS on salaries: prescribed deduction rates and advance-tax computation clarified, with limited change for incomes under section 115BAC.
Part III of the Finance Bill prescribes rates for TDS on salaries and the computation of advance tax for the fiscal year, and those rates also apply when charging tax in provisional or accelerated assessments. The schedules apply across categories of taxpayers-individuals, cooperatives, firms, local authorities and companies-and the overall rate structure remains unchanged except for incomes governed by the alternative optional tax regime; the Bill also notes the continuing framework for tax rebate entitlement.
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Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridi...
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New Default Tax Regime: revised slab rates apply for individuals and HUFs, with optional alternative regime and surcharge caps.
Default tax rates under section 115BAC(1A) govern income-tax computation for individuals, HUFs, AOPs, BOIs and specified artificial juridical persons for FY 2023-24, with a progressive slab structure; taxpayers may opt under proposed section 115BAC(6) to instead be taxed under the alternative rates in Part III, which set different exemption limits for ordinary residents and senior citizens. The Bill includes a graduated surcharge regime for higher incomes, provides caps on surcharge where income includes dividends or specified capital gains, limits surcharge for AOPs consisting only of companies, and restricts surcharge rates for persons taxed under section 115BAC(1A); marginal relief is provided at surcharge thresholds.
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Co-operative Societies - Rate of Income Tax
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Co-operative society tax rates updated: surcharge tiers retained; new concessional options introduced for qualifying manufacturing societies.
Co-operative societies will continue under the existing income-tax rate structure with a tiered surcharge framework for higher total income and marginal relief. Resident societies satisfying statutory conditions may opt for an optional reduced tax regime with a specified surcharge. Newly established manufacturing co-operative societies that commence production within a prescribed window and do not claim specified incentives may opt into a concessional tax regime for subsequent assessment years, subject to surcharge.
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Firms – Rate of Income Tax on Firms / Partnership Firm
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Surcharge on firms applies beyond income threshold, with an upper cap limiting excess tax liability.
The Finance Bill 2023 maintains the existing rate of income-tax for firms and imposes a surcharge on firms whose total income exceeds the statutory threshold; the surcharge is added to income-tax but is capped so that the total tax plus surcharge on income above the threshold does not exceed, by more than the excess income, the income-tax payable on income at the threshold level.
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Local authority income-tax rate retained, with a capped surcharge limiting additional liability above the income threshold.
The Finance Bill maintains the existing specified income-tax rate for local authorities and imposes a surcharge on income-tax where total income exceeds a threshold; it caps the combined income-tax and surcharge liability so that the total payable on income above the threshold does not exceed the tax on the threshold amount by more than the excess income.
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Company tax rates revised with reduced options for eligible domestic firms, surcharge slabs retained and health and education cess applied.
The Finance Bill 2023 sets primary corporate tax regimes: specified base rates for domestic companies depending on turnover and election into concessional regimes; optional lower-rate regimes remain available subject to conditions. Surcharge rates for domestic and non domestic companies persist at prescribed slabs with marginal relief provided for surcharge; a Health and Education Cess is levied on tax inclusive of surcharge without marginal relief. A new provision fixes its own tax rate while surcharge is applied according to taxpayer status.
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Income Tax - Rebate under section 87A
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Rebate under section 87A expanded to raise the exempt-income threshold for resident individuals under the new tax regime.
Rebate under section 87A grants a 100% rebate of income-tax payable to resident individuals whose total income does not exceed the specified threshold. From assessment year 2024-25 the rebate is extended to resident individuals whose income is chargeable under the proposed new tax regime provision (proposed sub section (1A) of section 115BAC), making them eligible for a full rebate where their total income falls within the revised threshold.
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AMENDMENTS IN THE CGST ACT, 2017 and IGST Act, 2017
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GST Amendments broaden OIDAR taxability, impose statutory time limits for returns/statements, and decriminalise select offences.
The Finance Bill amends the CGST Act to permit composition levy for suppliers transacting through electronic commerce operators, restrict input tax credit by treating specified Schedule III transactions as exempt-supply value and excluding CSR-related credits, clarify retrospective registration exemptions, impose statutory time limits (with conditional extensions) for furnishing outward-supply details, periodic and annual returns and monthly statements by e-commerce operators, introduce penal liability for E-commerce operators for unregistered/composition supplier contraventions, decriminalise certain offences and raise prosecution thresholds, and give retrospective non-supply treatment to specified Schedule III activities; IGST changes broaden OIDAR taxability and revise place-of-supply rules.
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AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001
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NCCD revision on specified cigarettes raises excise incidence under the Seventh Schedule and alters tariff rate application.
Revision of NCCD rates increases per thousand levies on specified HS 2402 cigarette subitems in the Seventh Schedule, effective 2 February 2023 with provisional collection available. Notification No. 05/2023 Central Excise exempts excise duty on blended CNG to the extent of GST paid on contained biogas/compressed bio gas, subject to specified conditions.
News Bills
AMENDMENTS TO THE CUSTOMS ACT, 1962
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Customs Tariff Rationalization: Revised duties, AIDC and SWS adjust tariffs and amend exemption notifications structure.
Amendments limit the two year validity rule for exemption notifications by excluding international agreements, diplomatic privileges, specified schemes and certain import categories; insert a nine month disposal deadline for Settlement Commission applications; clarify that countervailing and anti dumping determinations and reviews must follow rules under the Customs Tariff Act and that appeals lie against such determinations or reviews; and materially revise the First Schedule and related notifications to rationalize Basic Customs Duty rates, adjust tariff entries, and amend AIDC and SWS treatment while extending, discontinuing or rescinding targeted exemptions.
News Bills
Decriminalisation of section 276A of the Act
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Decriminalisation of liquidator prosecution: no new prosecutions under the provision after the sunset, existing prosecutions continue.
The amendment inserts a sunset clause decriminalising the provision that imposed criminal liability on liquidators for non compliance with distribution obligations: no fresh prosecution may be launched under the provision on or after 1 April 2023, while prosecutions instituted earlier remain unaffected. The change is justified by the government's decriminalisation policy and by the existing Insolvency and Bankruptcy Code regime and oversight that now govern liquidations.
News Bills
Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alt...
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Tax exemption extension for SUUTI permits continued tax-free administration until a notified date, with revised vacation rules.
Proposal amends the UTI Repeal Act, 2002 to extend that no income-tax or other tax shall be payable by the Administrator in relation to the specified undertaking until the period ending on the thirtieth day of September, 2023, and to provide that the Administrator shall vacate office immediately on redemption of all schemes and payment of entire amounts to investors or from a date notified by the Central Government, whichever is earlier.
News Bills
Omission of certain redundant provisions of the Act
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Omission of redundant tax provisions: repeal of section 88 and specified income exclusions to streamline statutory law.
Proposal to omit a provision relating to rebate on life insurance premia and provident fund contribution-formerly in section 88-on the ground that it was sunsetted and superseded by the deduction regime under section 80C; and to omit specified clauses of section 10 that had already been sunsetted, with the amendments to take effect from the commencement of the next fiscal year beginning 1st April, 2023.
News Bills
Set off and withholding of refunds in certain cases
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Withholding of refunds: amended set-off and suspension rules let tax authorities withhold refunds pending assessment, limiting additional interest.
Amendments integrate set-off and withholding mechanisms so the tax authority may set off any refund against sums payable after giving written intimation; where part or no amount is set off, the Assessing Officer, with reasons recorded and prior approval of the Principal Commissioner or Commissioner, may withhold the remaining refund while assessment or reassessment is pending if grant of refund would likely affect revenue. Additional interest will not accrue for the period the refund is withheld, while other interest rights remain unchanged.
News Bills
Removal of certain funds from section 80G
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Charitable donation deduction change removes named funds from eligible list, affecting deduction eligibility from next assessment year.
Amendment omits sub-clauses (ii), (iiic) and (iiid) of clause (a) of sub section (2) of section 80G, removing three named funds from the statutory list of organizations whose donations qualify for allowed deductions, thereby changing deduction eligibility under the approval-based framework.
News Bills
Denial of exemption where return of income is not furnished within time
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Denial of exemption for charities and institutions where income-tax returns are not filed within prescribed filing windows.
Amendments clarify that exemptions for charitable, educational and medical entities will be denied if the return of income for the previous year is not furnished within the time allowed under the principal return-filing provisions, requiring returns to be furnished in accordance with the updated-return provisions but within the initial statutory filing windows.
News Bills
Alignment of the time limit for furnishing the form for accumulation of income and tax audit report
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Filing deadline alignment for trusts' accumulation statements: advance submission required to ease audit reporting and reconciliation burdens.
The Finance Bill proposes that trusts and institutions required to furnish prescribed accumulation statements advance filing so that Form 9A/10 is submitted at least two months before the due date for filing the return of income; this change is intended to resolve the difficulty auditors face in reporting statement details when audit reports are due one month prior to the return filing deadline and requires amendments to explanatory clauses governing accumulation and deemed application reporting.
News Bills
Trusts or institutions not filing the application in certain cases
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Exit tax on accreted income applicable when trusts fail re registration, deemed conversion triggers tax liability and payment obligation.
Failure by a trust or institution under the first or second regime to file required provisional, regular or re registration/approval applications within prescribed periods will be deemed a conversion not eligible for registration, attracting Chapter XII EB taxation. The tax is on accreted income (FMV of assets less liabilities per rules), charged at the maximum marginal rate and collectible in addition to other taxes. Principal officers/trustees and the specified person are jointly liable to pay the tax within fourteen days from the end of the previous year; the date of conversion includes the last date to apply.
News Bills
Specified violations under section 12AB and fifteenth proviso to clause (23C) of section 10
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Specified violation: incomplete or false registration applications now justify cancellation of trust approvals under the automated regime.
Amendments expand the definition of specified violation to include applications that are incomplete or contain false or incorrect information, permitting cancellation of provisional approval/registration or approval/registration granted through the automated e filing process; the statutory text inserts clause (g) into the Explanation to the fifteenth proviso of clause (23C) of section 10 and into the Explanation to sub section (4) of section 12AB, with effect from 1 April, 2023.
News Bills
Combining provisional and regular registration in some cases
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Combining provisional and regular registration allows direct regular approval for active trusts, streamlining application and approval processes.
Amendments permit trusts and institutions that have already commenced activities to seek direct regular approval instead of provisional registration; such applications are to be examined by the Principal Commissioner or Commissioner under applicable procedures, and registration may be granted for a multi year term if the authority is satisfied about objects, genuineness and statutory compliance, with the authority required to pass an order granting or rejecting the application within the prescribed decision period from receipt.

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AMENDMENTS IN THE FOURTH SCHEDULE

2 February, 2022

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EXCISE

EXCISE

Note:

(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the Central Excise Act, 1944.

(b) “Road and Infrastructure Cess” means the additional duty of central excise levied under section 112 of the Finance Act, 2018.

(c) “Special Additional Excise Duty” means a duty of excise levied under section 147 of the Finance Act, 2002.

(d) “NCCD” means National Calamity Contingency Duty levied under Finance Act, 2001, as a duty of excise on specified goods at rates specified in seventh schedule to Finance Act, 2001

(e) “Agriculture Infrastructure and Development Cess” means an additional duty of Excise that is levied under Section 125 of the Finance Act, 2021.

(f) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2022.

(g) Amendments carried out through the Finance Bill, 2022, come into effect on the date of its enactment, unless otherwise specified.

I. AMENDMENTS IN THE FOURTH SCHEDULE

S.No.

Amendment

Clause of the Finance Bill, 2022

1.

Two new tariff items, that is, 2710 12 43 and 2710 12 44, falling under Chapter 27, have been inserted in the Fourth Schedule to the Central Excise Act, 1944, relating to E12 and E15 fuel blends, conforming to the new BIS specification [IS 17586] that has been issued for Ethanol Blended Petrol with percentage of ethanol up to twelve (E12) and fifteen (E15) percent respectively. This will align the Fourth Schedule to the Central Excise Act, 1944, with the similar proposed amendment in the sub-heading 2710 12 in the First Schedule to the Customs Tariff Act, 1975.

[98]

 

 

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Budget 2022-23 + FINANCE Bill, 2022

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Acts Income Tax
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