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India announces key tax proposals impacting individuals and employers in fiscal budget 2023
The Finance Minister of India presented the Finance Bill for the fiscal year 2023/24 (‘the Bill’) in the Indian Parliament on 1 February, proposing changes to tax laws which would be effective from 1 April unless specifically mentioned otherwise). The Finance Bill has received President’s assent on 31 March and is henceforth referred as Finance Act 2023 (‘the Act’). The changes announced in the Act are intended to drive forward the Government’s aim to maintain tax stability, reduce the compliance burden and provide targeted tax reliefs. The changes would impact both domestic and internationally mobile employees.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.