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Finance Minister Nirmala Sitharaman began the presentation of Union budget 2023 in the Lok Sabha by informing that Indian economy is expected to grow at 7% this fiscal.
The government will continue its focus on ease-of-paying taxes, while legislative reforms will stay work-in-progress at the interim budget on Feb. 1, according to EY. Finance Minister Nirmala Sitharaman is set to present the vote-on-account and the interim budget on Feb. 1, before the impending general elections scheduled later this year.
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. A few key steps as suggested by CII that would help to rationalise and simplify taxes are as follows.
Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a 'Resident' is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual.
Bogus Long-Term Capital Gains From Transaction In Penny Stocks: ITAT Upholds AdditionCase Title: Hemil Subhashbhai Shah Versus DCIT The Ahmedabad Bench of the Income Tax Appellate Tribunal...