Finance Bill 2023: On Friday, Lok Sabha, amid slogan shouting by opposition members passed the Finance Bill 2023 with over 45 amendments.
With the approval of the bill and the addition of 20 new sections, several significant adjustments were made. The elimination of the long-term capital gains tax on debt mutual funds is one of the most significant changes brought about by the revisions. In addition, the government increased the Securities Transaction Tax (STT) on the sale of options, which is noteworthy.
Regarding the long-term capital gains tax on debt mutual funds, the Bill proposed eliminating it. This was one of the most anticipated amendments.
STT on the selling of Options: In addition, the Securities Transaction Tax (STT) on the sale of Options has increased from the previous applicable charge of Rs 1,700 to Rs 2,100 on the turnover of Rs 1 cr.
Angel Tax: Starting on April 1, 2023, angel tax will be in effect.
Credit card payments for foreign tour: According to FM, credit card payments for foreign tour are not included in the Liberalized Remittance System (LRS) and are therefore not subject to source tax collection.
According to FM, the RBI is being urged to include tax collection at the source for credit card payments made for foreign tour under the LRS.
Establishing a committee under the Finance Secretary to examine the pensions issue and develop a strategy to meet the needs of employees is suggested.
Lok Sabha passes Finance Bill 2023: Watch the video
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