Corporate Tax Updates
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Guidance for application of Principal Purpose Test under India's DTAA
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Extension of due date to determine amount payable as per Direct Tax Vivad se Vishwas Scheme, 2024
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Guidance note 2/2024 on Direct Tax Vivad se Vishwas Scheme, 2024
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Condonation of delay in filing Form 9A/10/10B/10BB for AY 2018-19 and subsequent AYs
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Condonation of delay in filing Form 10-IC or Form 10-ID for AYs 2020-21, 2021-22, and 2022-23
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Monetary limits for reduction or waiver of interest u/s 220(2) of the Act
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Condonation of delay for return of income claiming deduction u/s 80P for AY 2023-24
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Guidance note 1/2024 on Direct Tax Vivad se Vishwas Scheme, 2024
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E-dispute resolution scheme, 2022 rolled out to mitigate litigation
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No higher TDS/TCS if deductee/collectee dies on or before May 31, 2024 without linking PAN-Aadhaar
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Guidelines for compulsory selection of returns for complete scrutiny for FY 2024-25
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Due date for filing of Form 10A/10AB under Income Tax Act, 1961 extended till June 30, 2024
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e-filing and Rule 131 verification for TRC, MAP applications, reports, and other forms
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ITR Verification & Acknowledgment forms for AY 2024-25 notified
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Lower Royalty & FTS tax-rate in India-Spain DTAA notified and MFN clause invoked
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​​Revenue’s appeal filing avenues broadened while retaining financial thresholds
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CBDT waives late fee & interest on delayed Form 26QE filing for Jul'22-Feb'23 up to May'23
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Trusts' exemption eligibility on inter-trust donations clarified
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Upto Rs. 1 lakh per assessee waived off for outstanding tax demands until Jan 31, 2024
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Processing time for 'non-scrutiny ITRs' for AYs 2018-19 to 2020-21 extended to Jan'24
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Revision of timelines, monetary limits, and process for withholding of refunds under s. 245(2)
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Delay in filing Form 10-IC for AY 2021-22 for ITR-compliant assessees gets condoned
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Due date for filing Form 56F for AY 2023-24 extended to Dec 31
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Form 56F notified as CA's report for s. 10AA deduction, effective from Jul '21
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Form 15CD for IFSC Units notified as quarterly statement of foreign remittances
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Time for processing validly e-filed ITRs in non-scrutiny cases upto AY 2017-18 extended till Jan '24
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Clarification on recognised startups' assessments in light of Angel Tax amendment
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PAN related rules for NRs and foreign companies transacting with IFSC banking units amended
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Clarification on reporting of substantial contributors in Form 10B/10BB
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e-procedure for filing s. 197(1) application seeking nil/lower withholding tax certificate notified
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Angel Tax rules with new valuation methods and safe harbour notified in Rule 11UA
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Govt. notifies Top, Upper and Middle Layer NBFCs under s. 43B and 43D
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Due date of audit reports in Form 10B/10BB and Form ITR-7 for AY 2023-24 extended
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FAQs issued on filing of audit reports for charitable trusts and institutions
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Rules 13 and 13A to implement Finance Act 2023 amendments related to search and seizure
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Instructions for Assessing Officers to implement Abhisar Buildwell's ruling released
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Telegraphic Transfer Buying Rate applicable for TDS on foreign currency income
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Clarification on Scrutiny Guidelines on transfer of cases to Central Charges for non-search persons
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Form 3AF to be furnished for claiming deduction under s. 35D
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Time frame for submission of certain TDS/TCS statements extended
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Tolerance limit for Arm's Length Price determination for AY 2023-24
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Scope of non-applicability of s. 56(2)(x) extended to strategic disinvestment
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Revision of exceptions to monetary limits for filing appeals deferred under s. 158AB
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Condonation of delay in filing refund claim and claim of c/f of losses under s. 119(2)(b)
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Compulsory Scrutiny Guidelines for cases selected during FY 2023-24
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Provisions relating to charitable and religious trusts clarified
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Changes to Rule 11UA in respect of Angel Tax and list of excluded entities notified