Finance Bill 2023 sets 37% surcharge on income over ₹5 crore

This Bill gives effect to the financial proposals of the Central Government for the financial year 2023-2024. It primarily sets income-tax rates and surcharges for the assessment year commencing on April 1, 2023, and amends various direct and indirect tax laws.

The Bill affects individuals, Hindu undivided families, associations of persons, bodies of individuals, artificial juridical persons, companies, co-operative societies, and other entities subject to income-tax, customs, and goods and services tax in India.

• Sets income-tax rates and surcharges for the assessment year commencing April 1, 2023.
• Specifies different surcharge rates based on total income levels (e.g., 10% for income over 50 lakh to 1 crore, up to 37% for income over 5 crore).
• Provides specific tax calculation rules for net agricultural income exceeding 5,000 rupees.
• Amends sections of the Income-tax Act, 1961, including provisions for deductions, exemptions, and penalties.
• Amends the Customs Act, Customs Tariff Act, Central Goods and Services Tax Act, and Integrated Goods and Services Tax Act.
• Amends the Government Savings Promotion Act, 1873, Indian Stamp Act, 1899, Securities Contracts (Regulation) Act, 1956, Central Sales Tax Act, 1956, Prohibition of Benami Property Transactions Act, 1988, Finance Act, 2001, and Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
• Sections 2 to 122 come into force on April 1, 2023.

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