B&B Tax

 “21AGA. Exercise of option under sub-section (6) of section 115BAC.-(1) The option to be exercised in accordance with the provisions of sub-section (6) of section 115BAC by a person, being an individual or Hindu undivided family, or an association of persons (other than a co-operative society) or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall be, -  (a) in Form No. 10-IEA on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for such assessment year, in the case of a person having income from business or profession;  (b) in the return of income to be furnished under sub-section (1) of section 139 for such assessment year, in the case of a person not having income from business or profession as referred to in cl...

"In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereafter referred to as the said Act) read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2023-2024.  Explanation.- For the purposes of this notification, “wholesale trading” means an international transaction or specified domestic transaction of trading in goods, which f...

"The Central Board of Direct Taxes, in exercise of its powers under section 119 of the Income-tax Act, 1961 provides relaxation in respect of the following compliances, namely —  (i) The statement of deduction of tax for the first quarter of the financial year 2023-24, required to be furnished in Form No. 26Q or Form No. 27Q, on or before 31st July, 2023 under Rule 31A of the Income-tax Rules, 1962 (“the Rules”), may be furnished on or before 30th September, 2023.  (i) The statement of collection of tax for the first quarter of the financial year 2023-24, required to be furnished in Form No. 27EQ, on or before 15th July, 2023 under Rule 31AA of the Rules, may be furnished on or before 30th September, 2023." Circular No. 9 /2023 dated 28.06.2023  

Rule 44E, Rule 44E and FORM No. 34C to FORM No. 34EA  has been substituted, Notification No. 37/2023 dated 12.06.2023

 "S.O. 2624(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act) and to give effect to the e-Appeals Scheme, 2023 (hereinafter referred to as the Scheme) made under sub-section (5) of section 246 of the Act and published vide Notification No. 33 of 2023 of the Government of India in the Ministry of Finance, Department of Revenue, vide number S.O. 2352(E), dated the 29th of May, 2023, in the Gazette of India, Extraordinary, Part II, Section 3, Subsection(ii), the Central Board of Direct Taxes (hereinafter referred to as the Board), hereby directs that the income-tax authorities specified in column (4) of the Schedule below, having their headquarters at the places specified in the corresponding entries in column (5) of the said schedule and functioning subordinate to the income-tax authorities specified in column (3) of the said schedule shall exercise the powers and perform ...

 S.O. 2571(E).— In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-  2. In the said notification, in the Table, after serial number 22, the following serial number and entries relating thereto, shall be inserted, namely:-  TABLE  (1)Sl. No.                          (2)Financial Year                 (3) Cost Inflation Index   23                                ...

(iii) after clause (g), for the proviso, the following proviso shall be substituted, namely:—  “Provided that nothing in this notification shall have the effect of—  (a) requiring any income-tax authority to make a particular assessment or to dispose of a particular case in a particular manner; or  (b) interfering with the discretion of the Commissioner of Income-tax (Appeals) or Additional Commissioners of Income-tax (Appeals) or Joint Commissioners of Income-tax (Appeals).” Notification No. 41/ 2023 dated 14.06.2023

"Circular No. 09 of 2015 (the Circular) dated 09-06-2015 in F. No. 312/22/2015-0T by Central Board of Direct Taxes (the Board) was issued in supersession of a ll earlier Instructions/ Circulars/ Guidelines. The Circular prescribed comprehensive guidelines on the conditions a nd procedure to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI) claiming refund and RsOI claiming carry forward of loss and setoff thereof under section 119(2)(b) of the Income-tax Act, 1961. 2. On consideration, the monetary limits specified in Para No. 2 of the Circular are modified as under:  (i) The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT /CsIT) shall be vested with the powers of acceptance/rejection of such applications/ claims if the amount of such claims is not more than RS.50 lakhs for anyone assessment year.  (ii) The Chief Commissioners of Income-tax (CCsIT) shall be vested with the powers of acceptance/rejectio...

Guidelines  Question 1) There are multiple wallets under one user. How "net winnings" is to be computed with respect to multiple wallets of one user Question 2) If a user borrows some money and deposits in his user account, will it be considered taxable deposit or non-taxable deposit? Question 3) How will bonus, referral bonus, incentives etc. be treated? Question 4) At what point we consider that amount has been withdrawn? Question no 5) There are a large number of gamers who play with very insignificant amount and withdraw also very small amount. Deducting tax at source under section 194BA of the Act for each insignificant withdrawal would increase compliance for tax deductor. Can there be relaxation to ease compliance?  Question 6) When the net winnings is in kind how will tax deduction under section 194BA operate? Question 7) How will the valuation of winnings in kind required to be carried out? Question 8) These guidelines have been issued after 1.4.2023 while the law ha...

 In rule 31A, in sub-rule(4) with effect from 1st July 2023,––  (a) for clause (ix), the following clause shall be substituted namely:- “(ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in fourth proviso to section 194N or in view of the notification issued under fifth proviso to section 194N;” (b) in clause (xvii), after sub-clause (a), the following sub-clause shall be inserted, namely:- “(aa) winnings in terms of sub-section (2) of section 194BA;”. “Rule 133.  (1) Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall be calculated using the following formula, namely:–  Net winnings =(A+D)-(B+C),  where – A = Aggregate amount withdrawn from the user account during the financial year;  B = Aggregate amount of non-taxable deposit made in the user a...