Jayant Nanda VS. Union of India, [2024] 159 taxmann.com 674 (Delhi) Where based on search at premises of assessee, NRI, it was alleged that assessee had indulged in evading disclosure of a large amount of undisclosed foreign assets/income in offshore jurisdictions and LOC was issued against assessee, since assessee had not been called for investigation by authorities for two years, […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of March, 2024 issued by RBI, CCI and others. RBI Updates Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024 RBI has issued a Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024 which […]
CBDT ORDER DATED 31.01.2024 [F. NO. 225/132/2023/ITA-II, DATED 31-1-2024] The CBDT vide this order dated 31.01.2024, to resolve grievance of taxpayer related to issue of refund in respect of returns of income validly filed electronically up to AY 2020-21, time limit of processing the same further extended the time till 30.04.2024. On 1st February 2024, Union Finance Minister Nirmala Sitharaman presented the Interim […]
NOTIFICATION NO. 105/2023; Dated: December 22, 2023 That the CBDT vide Notification No. 105 of 2023; notifies new ITR Forms (ITR-1 SAHAJ & ITR-4 SUGAM) for AY 2024-24. Important Judicial Precedents Whether re-opening of assessment can be resorted to solely on assumption that Assessee did not file ITR for the relevant AYs, thus revealing non-application of mind on part of […]
INSTRUCTION NO. 2/2023 [F. NO. 312/82/2022-OT], DATED 10-11-2023 That the CBDT prescribes Monetary limit of Rs. 10 lakh or more to withhold refund under Sec. 245(2). The time limit is hereby revised to 20 days for the Faceless Assessment Unit and to 30 days for Jurisdictional Assessing Officer. CBDT extends time limit to process refund claimed ITRs for AYs 2018-19 to […]
HMRC Tax Repayment and Pension Updates The HMRC has provided a concise overview of key developments in the realm of pension schemes: Tax Repayment Report (July to September 2023) During this period, HMRC processed a substantial number of tax repayment claims for pension flexibility payments, including 12,007 P55 forms, 4,890 P53Z forms, and 1,954 P50Z forms. The total value repaid […]
CBDT Vide Circular No. 19/2023 dated 23.10.2023; Condonation of delay under u/s 119(2)(b) of the Act, in the filling of Form No. 10-IC for AY 2022-23; To avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT condone delay in filing subject to following conditions:- The return of income for the relevant A.Y. […]
CBDT Vide Circular No. 16/2023 dated 18.09.2023; Extends Due Date For Filing Of Form 10B/10BB and Form ITR-7 For Assessment Year 2023-24; The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30-9-2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31-10-2023. The due date of furnishing […]
CBDT NEW DELHI NOTIFICATION NO 52/2023, Dated: July 20, 2023 No deduction of tax u/s 194 of the IT Act 1961 from any income in the nature of dividend paid by any unit of an International Financial Services Centre [engaged in the business of leasing of an aircraft] CBDT NEW DELHI NOTIFICATION NO 54/2023, Dated: August 1, 2023 The CBDT […]
CBDT NEW DELHI CIRCULAR NO 10/2023, Dated: June 30, 2023 The CBDT issued a circular dated 30.06.2023; to remove difficulty in the implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas tour program package – reg. CBDT NEW DELHI CIRCULAR NO 09/2023, Dated: June 28, 2023 Vide this […]