CA Organisation issues Pre Budget Memorandum 2023

The Chartered Accountants Association Surat has issued Pre Budget Memorandum 2023 for the upcoming Budget 2023-24.

The Association has made a a suggestion that Tax rates for the partnership firms and LLPs may be reduced to 25%.

Another important suggestion was that Deduction under Section 24(b) [Deduction in respect of payment of interest] should be enhanced to at least Rs. 3,00,000/- considering the inflation index compared to the year in which these provisions were introduced.

The Association added that Deductions under Chapter VIA should be increased every 3 years in parity with the Cost Inflation Index as notified by the Board and upward or downward revision be made This shall make these deductions more practically feasible.

Another suggestion was Section 36(1)(va) r.w.s 2(24)(x); PF/ESIC delayed payment should be treated at par with the employer contribution covered under Section 43B.

To Read Pre Budget Memorandum Download PDF Given Below: