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The Finance Bill 2023 passed in Lok Sabha without discussion
The Finance Bill, 2023 has been passed in the Lok Sabha with over 45 amendments without discussion due to sloganeering by opposition members.
The Finance Bill 2023 is effecting to the financial proposals of the central government for the financial year 2023-24. The bill introduces a day following the demand for grants were passed in Parliament.
Amendment on STT:
In the Finance Bill 2023, an amendment prescribed about the STT charges under which the securities transaction tax (STT) on the sale of options has been increased 23.5% to Rs 2,100 on Rs 1 crore turnover.
STT would be touched to Rs 12,500 on Rs 1 crore of turnover against Rs 10,000 earlier on the sale of futures contracts.
Possible disadvantage to Debt mutual funds:
Finance Bill 2023 has suggested debt funds to be deemed as short-term capital gains where they have not invested more than 35 percent in equity shares of Indian companies.
It means capital gains from debt funds, international funds and gold funds will be taxed at an individual’s relevant tax slab irrespective of their holding period.
No relief for startups:
Startups are not getting any significant relief from the proposed change in the angel tax regime. It would cramp foreign funding for young companies.
Changes to 7 lakh income tax limit:
There is no change in already proposed taxation system. Only marginal relief is provided to taxpayer who has income of 7 Lakh to 7, 00,100.
Individual who earns up to 7 Lakh pays no tax but if he/she earns income of 7, 00, 100 he/she pays tax of 25,010.
That means income of Rs 100 over Rs. 7 lakh leads to pay tax of Rs 25,010.
Hence, marginal relief is proposed to that the tax that what one pays should not be more than the income that exceeds 7L (Rs 100 in this case).
Question & Answer:
Q1. How many amendments have been included in recently passed the Finance Bill, 2023?
Ans. 45
Q2. Who introduced the Finance Bill, 2023 in Lok Sabha recently?
Ans. Finance Minister Nirmala Sitharaman
Q3. In finance bill STT charges on the sale of options has been increased to 23.5%. What is the full form of STT?
Ans. Securities Transaction Tax
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