Corporate Tax Updates

• Guidelines for compulsory selection of returns for complete scrutiny for FY 2024-25

• Due date for filing of Form 10A/10AB under Income Tax Act, 1961 extended till June 30, 2024

• e-filing and Rule 131 verification for TRC, MAP applications, reports, and other forms

• ITR verification timeline specified, failing which ITR shall be invalid. A corrigendum on timeline for treating ITR as invalid for non-verification also issued

• ITR Verification & Acknowledgment forms for AY 2024-25 notified

• Lower Royalty & FTS tax-rate in India-Spain DTAA notified and MFN clause invoked

• ​​Revenue’s appeal filing avenues broadened while retaining financial thresholds

• Guidelines issued for priority disposal of appeals

• CBDT waives late fee & interest on delayed Form 26QE filing for Jul'22-Feb'23 up to May'23

• Trusts' exemption eligibility on inter-trust donations clarified

• Amendment in tax audit report and tonnage tax application

• Trusts and institutions can file AY 2023-24 audit report by March 31, resolving Form 10B/10BB conundrum

• ITR-7 for income tax return filing for FY 2023-24 notified

• Implementation of e-Verification Scheme- 2021

• Upto Rs. 1 lakh per assessee waived off for outstanding tax demands until Jan 31, 2024

• ITR-6 for income tax return filing for FY 2023-24 notified

• Explanatory notes to provisions of Finance Act, 2023

• TDS guidelines for e-commerce operators issued

• Revised definition of 'intra-group loan' outlined under Rule 10TA, along with 'Safe Harbour' conditions under Rule 10TD

• Processing time for 'non-scrutiny ITRs' for AYs 2018-19 to 2020-21 extended to Jan'24

• Revision of timelines, monetary limits, and process for withholding of refunds under s. 245(2)

• Delay in filing Form 10-IC for AY 2021-22 for ITR-compliant assessees gets condoned 

• Due date for filing Form 56F for AY 2023-24 extended to Dec 31

• Form 56F notified as CA's report for s. 10AA deduction, effective from Jul '21

• Form 15CD for IFSC Units notified as quarterly statement of foreign remittances

• Time for processing validly e-filed ITRs in non-scrutiny cases upto AY 2017-18 extended till Jan '24

• Clarification on recognised startups' assessments in light of Angel Tax amendment

• PAN related rules for NRs and foreign companies transacting with IFSC banking units amended

• Clarification on reporting of substantial contributors in Form 10B/10BB

• More than 30 lakh audit reports filed till 30.09.2023

• e-procedure for filing s. 197(1) application seeking nil/lower withholding tax certificate notified

• Angel Tax rules with new valuation methods and safe harbour notified in Rule 11UA

• Govt. notifies Top, Upper and Middle Layer NBFCs under s. 43B and 43D

• Due date of audit reports in Form 10B/10BB and Form ITR-7 for AY 2023-24 extended

• Units of Investment Trusts and Exchange Traded Funds of IFSC notified for exemption under s. 47 (viiab)

• FAQs issued on filing of audit reports for charitable trusts and institutions

• Form 71- to claim TDS credit under s. 155(20)

• Rules 13 and 13A to implement Finance Act 2023 amendments related to search and seizure

• Instructions for Assessing Officers to implement Abhisar Buildwell's ruling released

• Telegraphic Transfer Buying Rate applicable for TDS on foreign currency income

• Direct Tax Collections for FY 2023-24 upto 10.08.2023

• Extension of Safe Harbour Rules for AY 2023-24

• Clarification on Scrutiny Guidelines on transfer of cases to Central Charges for non-search persons

• Form 3AF to be furnished for claiming deduction under s. 35D

• Zero coupon bond of REC Ltd

• Time frame for submission of certain TDS/TCS statements extended

• Tolerance limit for Arm's Length Price determination for AY 2023-24

• Scope of e-Appeals Scheme, 2023

• Scope of non-applicability of s. 56(2)(x) extended to strategic disinvestment

• Provisional approval under s. 80G

• Revision of exceptions to monetary limits for filing appeals deferred under s. 158AB

• Condonation of delay in filing refund claim and claim of c/f of losses under s. 119(2)(b)

• Public comments invited on draft rule 11UA 

• Compulsory Scrutiny Guidelines for cases selected during FY 2023-24

• Provisions relating to charitable and religious trusts clarified

• Guidelines on winnings from online gaming

• Changes to Rule 11UA in respect of Angel Tax and list of excluded entities notified