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Indian Fiscal Budget 2023 - Key tax proposals impacting individuals and employers
The Finance Minister of India presented the Finance Bill for the fiscal year 2023/24 (the Bill) in the Indian Parliament on 1 February 2023, proposing changes to tax laws which would be effective from 1 April 2023 (unless specifically mentioned otherwise).
The budget proposals announced are intended to drive forward the Government’s aim to maintain tax stability, reduce the compliance burden and provide targeted tax reliefs. The changes if enacted would impact both domestic and internationally mobile employees.
This Alert summarizes the proposed key amendments which would impact individual taxpayers and employers.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.