Download Finance Act 2023 and Amendments made in Income Tax and GST

Finance Act 2023: The Finance Minister, Smt. Nirmala Sitharaman has presented the Union Budget 2023-24 in the Parliament. She has presented her fifth and India’s third Digital Budget today. We have uploaded here Union Finance Act 2023.

Download the full text of the Finance Act (No. of 2023). Finance Bill 2023 was presented in the Lok Sabha on 01-02-2023 to seek the House’s approval for the central government’s proposals for the financial year 2023-24.

Click here to download Finance Act 2023 in PDF format. Finance Bill 2023 received the assent of the President on the * and become Finance Act 2023.

This PDF file will help you to understand the tax proposals made for the assessment year commencing on the 1st day of April, 2024. Finance Bill, 2023 was presented in the Lok Sabha by Finance Minister on 01-02-2023 and become Finance Act 2023 after receiving the assent of the President on *.

Finance Act 2023 for AY 2024-25

The Finance Act 2023

Finance Act 2023 is relevant for Assessment Year (AY) 2024-25 related to the Financial Year (FY) 2023-24.

The Finance Bill 2023

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It also contains other provisions relating to Budget that could be classified as Money Bill. A Finance Bill is a Money Bill as defined in Article 110 of the Constitution.

AS INTRODUCED IN LOK SABHA
ON 1ST FEBRUARY, 2023

BILL No. 17 OF 2023
THE FINANCE BILL, 2023
(AS INTRODUCED IN LOK SABHA)

ARRANGEMENT OF CLAUSES

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CHAPTER I
PRELIMINARY

CLAUSES

1. Short title and commencement.

CHAPTER II
RATES OF INCOME-TAX

2. Income-tax.

CHAPTER III
DIRECT TAXES

Income-tax

3. Amendment of section 2.
4. Amendment of section 9.
5. Amendment of section 10.
6. Amendment of section 10AA.
7. Amendment of section 11.
8. Amendment of section 12A.
9. Amendment of section 12AB.
10. Amendment of section 17.
11. Amendment of section 28.
12. Amendment of section 35D.
13. Amendment of section 43B.
14. Amendment of section 43D.
15. Amendment of section 44AB.
16. Amendment of section 44AD.
17. Amendment of section 44ADA.
18. Amendment of section 44BB.
19. Amendment of section 44BBB.
20. Amendment of section 45.
21. Amendment of section 47.
22. Amendment of section 48.
23. Amendment of section 49.
24. Insertion of new section 50AA.
25. Amendment of section 54.
26. Amendment of section 54EA.
27. Amendment of section 54EB.
28. Amendment of section 54EC.
29. Amendment of section 54ED.
30. Amendment of section 54F.
31. Amendment of section 55.
32. Amendment of section 56.
33. Amendment of section 72A.
34. Amendment of section 72AA.
35. Amendment of section 79.
36. Amendment of section 80C.
37. Amendment of section 80CCC.
38. Amendment of section 80CCD.
39. Insertion of new section 80CCH.
40. Amendment of section 80G.
41. Amendment of section 80-IAC.
42. Amendment of section 87.
43. Amendment of section 87A.
44. Omission of section 88.
45. Amendment of section 92BA.
46. Amendment of section 92D.
47. Amendment of section 94B.
48. Amendment of section 111A.
49. Amendment of section 112.
50. Amendment of section 115BAC.
51. Amendment of section 115BAD.
52. Insertion of new section 115BAE.
53. Amendment of section 115BB.
54. Insertion of new section 115BBJ.
55. Amendment of section 115JC.
56. Amendment of section 115JD.
57. Amendment of section 115TD.
58. Amendment of section 115UA.
59. Amendment of section 115UB.
60. Amendment of section 116.
61. Amendment of section 119.
62. Amendment of section 131.
63. Amendment of section 132.
64. Amendment of section 133.
65. Amendment of section 134.
66. Amendment of section 135A.
67. Amendment of section 140B.
68. Amendment of section 142.
69. Amendment of section 148.
70. Amendment of section 149.
71. Amendment of section 151.
72. Amendment of section 153.
73. Amendment of section 154.
74. Amendment of section 155.
75. Amendment of section 158A.
76. Amendment of section 158AB.
77. Substitution of new section for section 170A.
78. Amendment of section 177.
79. Amendment of section 189.
80. Amendment of section 192A.
81. Amendment of section 193.
82. Amendment of section 194B.
83. Insertion of new section 194BA.
84. Amendment of section 194BB.
85. Amendment of section 194N.
86. Amendment of section 194R.
87. Amendment of section 196A.
88. Amendment of section 197.
89. Amendment of section 206AB.
90. Amendment of section 206C.
91. Amendment of section 206CCA.
92. Amendment of section 241A.
93. Amendment of section 244A.
94. Substitution of new section for section 245.
95. Amendment of section 245D.
96. Amendment of section 245MA.
97. Amendment of section 245R.
98. Amendment of Chapter XX.
99. Amendment of section 249.
100. Amendment of section 250.
101. Amendment of section 251.
102. Amendment of section 253.
103. Amendment of section 264.
104. Amendment of section 267.
105. Amendment of section 269SS.
106. Amendment of section 269T.
107. Amendment of section 270A.
108. Amendment of section 270AA.
109. Amendment of section 271.
110. Amendment of section 271A.
111. Amendment of section 271AAC.
112. Amendment of section 271AAD.
113. Amendment of section 271C.
114. Amendment of section 271FAA.
115. Amendment of section 271J.
116. Amendment of section 274.
117. Amendment of section 275.
118. Amendment of section 276A.
119. Amendment of section 276B.
120. Amendment of section 279.
121. Amendment of section 287.
122. Amendment of section 295.

CHAPTER IV
INDIRECT TAXES

Customs

123. Amendment of section 25.
124. Amendment of section 127C.

Customs Tariff

125. Amendment of sections 9, 9A and 9C.
126. Amendment of First Schedule.
127. Amendment of Second Schedule

Central Goods and Service Tax

128. Amendment of section 10.
129. Amendment of section 16.
130. Amendment of section 17.
131. Substitution of new section for section 23.
132. Amendment of section 37.
133. Amendment of section 39.
134. Amendment of section 44.
135. Amendment of section 52.
136. Amendment of section 54.
137. Amendment of section 56.
138. Amendment of section 122.
139. Amendment of section 132.
140. Amendment of section 138.
141. Insertion of new section 158A.
142. Retrospective exemption to certain activities and transactions in Schedule III to the Central Goods and Services Tax Act.

Integrated Goods and Services Tax

143. Amendment of section 2.
144. Amendment of section 12.

CHAPTER V
MISCELLANEOUS

PART I
AMENDMENTS TO THE GOVERNMENT SAVINGS PROMOTION ACT, 1873

145. Commencement of this Part.
146. Amendment of Act 5 of 1873.

PART II
AMENDMENT TO THE INDIAN STAMP ACT, 1899

147. Amendment of Act 2 of 1899.

PART III
AMENDMENT TO THE SECUTIES CONTRACTS (REGULATION) ACT, 1956

148. Amendment of Act 42 of 1956.

PART IV
AMENDMENTS TO THE CENTRAL SALES TAX ACT, 1956

149. Substitution of new section for section 19.
150. Omission of section 24.
151. Amendment of section 25.

PART V
AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988

152. Amendment of Act 45 of 1988.

PART VI
AMENDMENT TO THE FINANCE ACT, 2001.

153. Amendment of Seventh Schedule.

PART VII
AMENDMENTS TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002

154. Amendment of Act 58 of 2002.

THE FIRST SCHEDULE.
THE SECOND SCHEDULE.
THE THIRD SCHEDULE.
THE FOURTH SCHEDULE.
THE FIFTH SCHEDULE.
THE SIXTH SCHEDULE.