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    SBS Wiki Budget Special Edition 2023

    SBS Wiki Budget Special Edition 2023

    We bring you our detailed analysis of the recent budget proposals. Like every Indian, I have expected many changes in this budget, especially, being a pre-election year budget. But this budget appeared to me, as if, something more can be done, but has not. The macro-economic indicators project that the country is going to post good growth in the coming years.

    Before leaving you to the detailed analysis, I would like to touch certain proposals which attracted my interest. The first is the introduction of new appellate authority under the provisions of Income Tax Act to clear the pending cases before the existing appellate authorities. This would improve the speed of the disposal of cases and definitely a welcome move. The next one is the changes brought to the new tax regime. Allowance of standard deduction and reduction of surcharge makes it bit attractive. It appears to me that the over a period of time, the old regime would be discontinued. The increase of exemption for leave encashment is also a positive move.

    On the flip side, expanding the scope of Section 56(2)(viib) to non-residents would effect to certain extent the investment coming from outside India. The possible tax abuse should have been taken care through GAAR and other mechanisminstead of extending the applicability to non-residents. The capping of Rs 10 Crore for Section 54 and Section 54F causes bit inconvenience. Considering the increase of the prices in real estate, this should have not bought in.

    With this brief, I present you the detailed analysis on significant clauses on Finance Bill 2023. We wish this effort of ours is fruitful and we would love to receive feedback on this.

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