Amendments to the Finance Bill 2023 while Passing throush Loksabha


Amendments to the Finance Bill 2023 while Passing throush Loksabha  

The Finance Bill, 2022 (Amended Bill) was passed by the Lok Sabha on 25 March 2022 with amendments to the original Bill that was tabled before the Lok Sabha on 1 February 2022.

Key highlights
01 Penal consequences to claim deduction of cess or surcharge in prior years have been prescribed with certain exceptions.

2 Clarifications have been provided on taxation of Virtual Digital Assets (VDA).

3 Conditions prescribed to file updated income-tax return in certain cases.

4 For succession of business, validity of assessment or other proceedings on the predecessor have been extended to the successor.

5 New time limits prescribed to reduce the quantum of pending litigations.

6 Timelines for completion of assessment proceedings extended in certain cases.

7 Definition of ‘books or books of account’ expanded to include documents kept in electronic or digital form.

8 Central Board of Direct Taxes (CBDT) empowered to issue guidelines to remove difficulties in implementation of withholding tax on benefit or perquisite paid to a resident.

The amendments have been made with the intention to address the ambiguities arising from the wordings of the proposals as contained in the Bill and to bring clarity and certainty for the benefit of the taxpayers.