2023-TIOL-NEWS-026 Part 2 Dated : Wednesday, February 01, 2023

2023-TIOL-NEWS-026 Part 2 | February 01, 2023

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UNION BUDGET 2023

CSR ITC gets blocked

GST Offences decriminalized, well, some of them!

Individual taxpayers being enticed to ditch old regime

CSR activities (not) done in the normal course of business - ITC denied

Residency status, no more hindrance on application of Sec 56(2)(viib) \

More ITC restriction on the cards!

Govt streamlines procedure for provisional & final registration of trusts

Registration of Trusts - Govt specifies ambit of Specified Violation

Mobile phone parts get import duty relief

Perquisites in cash, to be expressly covered u/s 28(iv)

No more withholding: Refunds due to be set off against tax payable

Power acquired for modification of directions on expiry of time period under faceless scheme

Silver dore to cost more as duty goes up

Govt tweaks conditions for donation by trust to other trusts

Charitable Trusts - Hammer falls on double benefits taken on corpus and loan applications

Business reorganisation made easy

FB births JC (Appeals) system to clear bottleneck

TDS to be levied on capital gains from transfer of assets under JDA

Exemption provided under life insurance: Rs 2.5 lakh cap imposed

Benami Property - 45-day window for appeal against adjudication orders

Sec 276A - No prosecution for liquidator for non-compliance

Budget 2023 fails to shine for India's Bullion Traders

Redemption of 'Market Linked Debentures' comes under capital gains hammer

Transfer of Virtual Digital Assets - Penalty provisions made grimmer

Penalty to be imposed on FIs if inaccurate information is furnished

Powers delegated to seek help of experts in search cases

Tax benefits allowed to Start-ups if registered before Mar 31, 2024

Tax benefits rain on IFSC

Start-ups allowed more time to carry forward losses

NO import duty on seeds for Lab Grown Diamonds

HNIs prevented from availing Ss 54 & 54F benefits beyond Rs 10 Cr

Taxation and TDS regime for online gaming recast

Presumptive tax - Limit hiked to Rs 3 Cr for small business & Rs 75 lakhs for Professionals

NEWS FLASH

Finance Bill proposes several amendments in CGST Act, 2017 + No ITC for goods or services relating to CSR activities + enabling provisions for time limit extension under Ss 37, 39, 44, 52, 54

Time period for conditional exemption from BCD prescribed in Notifn No 50/2017 extended till March 31, 2024

Import duty on electric kitchen chimney hiked to 15% + 70% on toys + 35% on bicycles + 2.5% on Naphtha + 2.5% for Open cell of TV panel + Nil duty on camera lens for mobile phone + 35% on Vehicles including EVs in SKD form + 70% on vehicle in CBU

Customs Settlement Commission gets only 9 months for disposal of applications

Interim Board for Settlement gets more time to deal with pendency

TCS rate hiked to 20% on Overseas tour package and many other cases

No more TDS exemption on payment of interest on listed debentures to residents

Tax exemption to News Agencies withdrawn

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