Finance Act, 2023Recent Developments Important Amendments Incorporated at the Time of Passing of Finance Bill, 2023

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The Tax Publishers Finance Act, 2023--Recent Developments Important Amendments Incorporated at the Time of Passing of Finance Bill, 2023 CA. Manoj Gupta In recent past there is a tendency to introduce many amendments to the Income Tax Act, at the time of passing of the Finance Bill. This year is no different. A lot of amendments were incorporated at the time of passing of the Finance Bill, 2013. The learned author explains the amendments. 1. No surcharge in certain cases In the case of every individual or association of persons having income under Section 115AD of the Income-tax Act, and having/not having any income chargeable to tax under sub-section (1A) of Section 115BAC of the Income-tax Act Where the total income of a person, being a specified fund referred to in clause (c) of the Explanation to clause (4D) of Section 10 of the Income-tax Act, includes any income under clause (a) of sub-section (1) of Section 115AD of the Income-tax Act. Then, no surcharge shall be levied on such income. 2. Income of non-residents from portfolio of securities, etc., to be exempt where managed by notified persons Section 10(4G) provides that any income received by a non-resident from portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of such non-resident, in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (1A) of Section 80LA, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Finance Act, 2023--Recent Developments

Important Amendments Incorporated at the Time of Passing of Finance Bill, 2023

CA. Manoj Gupta

In recent past there is a tendency to introduce many amendments to the Income Tax Act, at the time of passing of the Finance Bill. This year is no different. A lot of amendments were incorporated at the time of passing of the Finance Bill, 2013. The learned author explains the amendments.

1. No surcharge in certain cases

In the case of every individual or association of persons having income under Section 115AD of the Income-tax Act, and having/not having any income chargeable to tax under sub-section (1A) of Section 115BAC of the Income-tax Act

Where the total income of a person, being a specified fund referred to in clause (c) of the Explanation to clause (4D) of Section 10 of the Income-tax Act, includes any income under clause (a) of sub-section (1) of Section 115AD of the Income-tax Act.

Then, no surcharge shall be levied on such income.

2. Income of non-residents from portfolio of securities, etc., to be exempt where managed by notified persons

Section 10(4G) provides that any income received by a non-resident from portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of such non-resident, in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (1A) of Section 80LA, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India.