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Finance Act, 2023 Notified after President Assent ll Download Finance Act 2023


The government notified the Finance Act, 2023 on 31st March 2023 after the same received the assent of the President of India on 31st March, 2023.

The Finance Bill, 2023 received the assent of the President on March 31, 2023 and became the Finance Act. The Ministry of Law and Justice notified the Finance Act, 2023 vide a Notification dated 31.03.2023.

Finance Act, 2023 is notified to give effect to the financial proposals of the Central Government for the financial year 2023-2024 that were introduced in Loksabha on February 1, 2023, and passed on March 24, 2023.

The Finance minister introduced the Finance Bill, 2023 on 1st February 2023. Loksabha passed the Bill on 24.03.2023.

39 government amendments related to direct taxes were introduced in the Finance Bill, 2023 when the same was passed in the Loksabha on 24th March 2023 compared to the original Finance Bill, 2023 as introduced in the Loksabha on 1st Feb.,2023.

The salient provisions of the Finance Act, 2023 are-

● New personal tax regime u/s 115BAC rationalized and made default option

● Exemption to Agniveer Corpus Fund

● Amendment related to Charitable Trusts and other institutions

● Increasing threshold limit for Co-operatives to withdraw cash without TDS

● Relief to start-ups in carrying forward and setting off of losses

● Indexation benefit to long-term debt mutual funds abolished and gain from transfer of units of debt-oriented mutual funds to be taxed as short-term capital gains

● Conversion of physical gold to Electronic Gold Receipt and vice versa not to be treated as transfer

● Increasing threshold limits for presumptive taxation schemes 


Ministry of Law & Justice issued a Corrigendum Notification dated 12.04.2023 on the Finance Act, 2023. The list of 7 corrigenda to Finance Act, 2023 are given below-

In the Finance Act, 2023 (8 of 2023), published in the Gazette of India, Extraordinary, Part II, Section 1, dated the 31st March, 2023, Issue No. 8,—

(i) in page 15, line 26, for “lease”, read “leasing”;

(ii) in page 18, line 46, for “substitued”, read “substituted”;

(iii) in page 29, line 1, for “Specifed”, read “Specified”;

(iv) in page 49, line 17, for “before, it was”, read “before it was”;

(v) in page 49, line 23, for “before, it was”, read “before it was”;

(vi) in page 74, line 3-4, for “referred to in to in”, read “referred to in”;

(vii) in page 76, line 32, for “sub-section (I)”, read “sub-section (1)”.

Download Corrigendum Notification dated 12.04.2023 to Finance Act, 2023.

Download Finance Act, 2023 in PDF format

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