Budget 2023 proposes to waive penalty u/s 269SS of IT Act on Agricultural Credit & Deposit Transactions up to Rs. 2 Lakh [Read Finance Bill]
In the Budget 2023, the Finance Minister suggested a new cash transaction cap for agricultural loans and deposits under section 269SS of the Income...
Deduction for Expenditure on Payment only when Payment is actually made; Union Budget 2023 [Read Finance Bill]
Under the newly proposed union Budget 2023 the Union Ministry has proposed an amendment which allow the claim of deduction for expenditure on payment only after the actual payment is made. This...
Budget 2023 Imposes Penalty of Rs. 5,000 for Inaccuracy in Statement of Financial Transactions submitted by Prescribed Reporting Financial Institution [Read Finance Bill]
The Union Budget 2023 imposed penalty of Rs. 5,000 for Inaccuracy in Statement of Financial Transactions (SFT) submitted by Prescribed Reporting Financial Institution and the proposed is amendment is...
Union Budget 2023: Period of Limitation on Pending Assessment extended by 12 months [Read Finance Bill]
The Union Budget 2023, presented by the Finance Minister Nirmala Sitharaman proposed to extend the period of limitation on the assessment orders in her budget speech. It was proposed that an order...
Setback to Investment in Residential Houses: Union Budget 2023 Proposes Capital Gain Exemption Limit u/s 54 and 54F [Read Finance Bill]
In the Union Budget 2023, the Union Finance Minister Nirmala Sitharaman has proposed the exemption limit of the Capital Gain under section 54 and Section 54F of the Income Tax Act, 1961. According...
