Highlights of Budget 2023 - @lawyer2ca®️ COOPERATIVE SOCIETIES ✅ New Cooperative Societies engaged in manufacturing activities can avail the option of concessional tax regime of 15% without any deductions under Chapter VI-A and set off losses etc ✅ TDS of 2% under section 194 N relating to withdrawal of cash from banks etc. will not apply to Cooperative societies in cases of aggregate cash withdrawals of INR 3 crores in a year ✅ The limit of INR 20,000/- for cash transactions and loans etc. will be increased to INR 2 lakhs for cooperative societies OTHER AMENDMENTS ✅ Income distributed to non-residents in respect of Offshore Derivative instruments (ODIs) entered with International Banking Units located in IFSC (GIFT City Gandhi Nagar) will be exempt ✅ Provisions under sections 44 BB and 44 BBB of Income tax Act relating to presumptive taxation applicable to Non-residents engaged in providing services or equipment to entities engaged in oil exploration or Power Projects, in these cases set off unabsorbed depreciation and brought forward losses will not be allowed ✅ Non-Banking Financial Companies (NBFCs) are now exempt from the restriction of deduction of interest in respect of debt issued by non-residents to their associated enterprises Go Green ✅ National Green Hydrogen Mission with an outlay of Rs 19,700 crores, will facilitate the transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports ✅ Rs 35,000 crore for priority capital investments toward energy transition ✅ Battery Energy Storage Systems with a capacity of 4,000 MWH will be supported with Viability Gap Funding ✅ 13 GW of renewable energy from Ladakh will be constructed with an investment of Rs 20,700 crore including central support of Rs 8,300 crore. ✅ 500 new ‘waste to wealth’ plants under GOBARDhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established #Lawyer2CA #entrepreneur #incometax #UnionBudget2023 #NirmalaSitharaman #finance #Global #india #Budget2023 (at Lawyer2CA) https://www.instagram.com/p/CoerkXcSrrk/?igshid=NGJjMDIxMWI=