Indore (Madhya Pradesh): A new provision effective from April 1, 2024 has been added to the Income Tax in the Interim Budget. According to the provision, if any businessman has taken any goods or services from the micro and small industry, then he will have to make payment within 45 days. If the payment remains pending even after the end of the financial year, then this money will not be included in expenditure but will be treated as income and income tax will have to be paid on it.
This was stated by senior tax consultant CA Manish Dafaria while addressing a Budget analysis programme organised under the aegis of Indore CA branch of ICAI, TPA and CS branch members as the keynote speaker. He also talked about the newly implemented provisions of the previous Budget and the changes in Section 43B (h) of Income Tax. He said that no major changes have been made in the income tax in this Budget, which was also expected, common taxpayers were definitely expecting that there would be some kind of change in the limit but it was not done.
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Among the important changes that have been made are changes in the Tax Collection at Source (TCS) on tour packages related to foreign travel. Earlier it was implemented through circular, now it has been implemented by changing the Act. The second speaker CA BP Inani analysed the Budget from the point of view of economics.
He said that considering the progress of other developed countries, India's Budget has focused on women power, increasing women's income, new employment opportunities and ease of doing business. Attention has been given to Lakhpati Didi, providing assistance to 1 crore women through self-help groups, etc.
Also, it was seen during the time of Covid that the Indian government focused on the production-linked scheme instead of distributing freebies and while the inflation and fiscal deficit of other developed countries increased, India's inflation and fiscal deficit fell and this continued this year too. A large number of CAs, tax consultants and CS including CA Anand Jain, CA Swarnim Gupta, CA JP Saraf, CA Abhay Sharma, CS Hemant Patidar were present in the programme.
