Union Budget 2023 on Settlement of Contractual Disputes under Vivad Se Vishwas: FM proposes to introduce Voluntary Settlement Scheme [Read Finance Bill]
In the Union Budget 2023, the Financial Minister Nirmala Sitharaman proposed to introduce a voluntary settlement scheme on the contractual disputes...
Budget 2023 Mandates Valuation of Inventory by Cost Accountant for Proceedings relating to Section 68 of Income Tax Act [Read Finance Bill]
The Union Budget 2023 has inserted a new provision mandating valuation of inventory by a Cost Accountant for the proceedings relating to section 68 of the Income Tax Act, 1961. Clause 68 of the...
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...
