Budget 2023 and tax litigation
In this podcast we discussed tax litigation, which is something that businesses, large organizations, tax experts and the government all want to tackle. In her Budget speech on 1 February, Finance Minister Nirmala Sitharaman proposed several changes that will modify the taxation for some sectors.
Podcast host Silloo Jangalwala, Associate Director, BMC speaks with Rajan Vora, Partner, India member firm of EY Global on the many changes that were announced and their respective tax implications.
In conversation with:
Rajan Vora
Partner, India member firm of EY Global
Key takeaways
- Budget 2023 proposed around 120 changes that are expected to have far-reaching impact, especially for segments, such as charitable trusts, GIFT City, etc.
- Budget 2023 proposes appointment of 100 Joint Commissioners (Appeal) to facilitate speedy disposal of smaller matters.
- Departments may be able to file objections against Dispute Resolution Panel (DRP) orders before the tribunal.
- For the purpose of rationalization, Sections 194R and 28 may be changed. Freebies given as cash or kind will both be taxed as perquisite.
What is positive is that all the amendments have been made prospectively, i.e., from 1 April 2023, and are not retroactive or retrospective. A favorable amendment is the reduction of litigation for TDS credit, which was not available if TDS was paid after filing the return. This can now be rectified by applying within a two-year period after the receipt of certificates.
For your convenience, a full text transcript of this podcast is available on the link below: Read the transcript.
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Podcast
Duration 09m 11s
