B&B Tax

  “1. Short title and commencement.–– (1) These rules may be called the Income-tax (Twenty Second Amendment) Rules, 2023. (2) They shall come into force from the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), for rule 14A, the following rule shall be substituted namely:–– “14A. Forms for report of audit or inventory valuation under section 142(2A).–– (1) The report of audit of the accounts of an assessee which is required to be furnished under clause (i) of sub-section (2A) of section 142 shall be in Form No. 6B. (2) The report of inventory valuation of an assessee which is required to be furnished under clause (ii) of sub-section (2A) of section 142 shall be in Form No. 6D.”. 3. In the principal rules, for rule 14B, the following rule shall be substituted namely:–– “14B. Guidelines for the purposes of determining expenses for audit or inventory valuation. –– (1) Every Chief Commissioner ...

“5. Procedure for electronic filling of Form 13 with annexure-II shall be as follows: 5.1 For making an application in Form 13 with Annexure II the taxpayer/Deductee shall login into the TRACES website (www,tdscpc,gov.in), for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of Section 197 of the Income tax Act, 1961. 5.2 The tax-payer/Deductee who is not registered at TRACES website shall have to first register with his Permanent Account Number ("PAW) at TRACES (www,tdscpc,gov.in) for login and filling application in Form 13 along-with Annexure II, Detailed procedure for registration can be accessed through the link https:llcontents.tdscpc.gov.in/en/taxpayer-registration-Ioginetutorial.html 5.3 The tax-payer/Deductee shall login at TRACES website (www,tdscpc.gov.in) and submit the Form No. 13 along-with Annexure II with supporting documents using any of the following, (i) Digital Signature, (ii) Elect...

“1. Short title and commencement.– (1) These rules may be called the Income-tax (Twenty first Amendment), Rules, 2023. (2) They shall come into force from the date of publication of the notification in the Official Gazette, 2. In the Income-tax Rules, 1962, in rule 11UA, for sub-rule (2), the following sub-rules shall be substituted, namely:– '(2) Notwithstanding anything contained in sub-clause (b) or sub-clause (c), as the case may be, of clause (c) of sub-rule (1):– (A) the fair market value of unquoted equity shares for the purposes of sub-clause (i) of clause (a) of the Explanation to clause (viib) of sub-section (2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares, as shall be determined under sub-clause (a), sub-clause (b), sub-clause (c) or subclause (e), at the option of the assessee, where the consideration received by the assessee is from a resident ; and under sub-clauses (a) to (e) at the option of the assessee, where the cons...

Question:- Power of Settlement Commission to grant immunity from levy of penalty and prosecution. "Whether the Division Bench of the High Court was right in affirming the findings of the learned Single Judge, to the effect that the Settlement Commission ought not to have exercised discretion under Section 245H of the Act and granted immunity to the assessee de hors any material to demonstrate that there was no wilful concealment on the part of the assessee to evade tax and on that ground, remanding the matter to the Commission for fresh consideration?" Holding:- "12. While we are mindful of the fact that the provisions of Chapter XIX-A of the Act are not to be employed so as to provide a shelter for tax dodgers to obtain immunity from facing the consequences of tax evasion by simply approaching the Settlement Commission, vide B.N. Bhattacharjee (supra), we are however of the view that in the present case, the Commission rightly exercised its discretion under Section ...

  Circular No. 16/2023 dated 18.09.2023

  Question of law -- Whether the dividend income earned by the assessee is taxable, although exempted under Omani Tax Laws to entitle the assessee to the benefits of the Double Taxation Avoidance Agreement (for short, ‘DTAA’) between India and Oman. Holding   --   “16. It is, thus, clear from the above letter of the Omani Finance Ministry that the dividend distributed by all companies, including the tax-exempt companies would be exempt from payment of income tax in the hands of the recipients. By extending the facility of exemption, the Government of Oman intend to achieve its object of promoting development within Oman by attracting investments. Since the assessee has invested in the project by setting up a permanent establishment in Oman, as the JV is registered as a separate company under the Omani laws, it is aiding to promote economic development within Oman and achieve the object of Article 8 (bis). The Omani Finance 12 Ministry concluded by saying that tax woul...

  “S.O. 3981(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 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), number 16/2020, dated the 5 th March, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, sub-section (ii), vide number S.O. 986(E), dated 5th March, 2020, namely:- In the said notification, in the first paragraph, - (i) after clause (vi), the following clause shall be inserted, namely: - “(vii) unit of investment trust; (viii) unit of a scheme; (ix) unit of a Exchange Traded Fund launched under International Financial Services Centres Authority (Fund Management) Regulations, 2022,”; (ii) in the Explanation, after clause (c), the following clause shall be inserted, namely: - “(d) “Investment Trust” shall have the meaning assigned to it in cla...

"Question 1: Who is required to file Form 27C on E-filing portal, buyer or seller?  Resolution: The Seller is required to file Form 27C on E-filing portal.  Question 2: How can buyer furnish the declaration to seller under section 206C(1A) for obtaining goods without collection of tax?  Resolution: The Buyer is required to manually fill Part-I of form 27C and submit it to the seller.  Question 3: What are the prerequisites for filing of Form 27C?  Resolution: The following are the prerequisites for filing of Form 27C- • Seller should have TAN • TAN of seller should be active and registered on the e-Filing portal.  Question 4: What is the process to file Form 27C on E filing portal?  Resolution: Following are the steps to file online Form 27C Step 1: Seller to login on Income Tax Portal i.e. www.incometax.gov.in using TAN as User ID.  Step 2: Navigate to e-file -----> Income Tax Forms ----> File Income Tax Forms ----> Persons not dependent...

"Mr N Venkatraman, Additional Solicitor General has drawn the attention of the Court to a decision of a three Judge Bench of this Court in Skill Lotto Solutions Private Limited vs Union of India & Ors  (2021) 15 SCC 667 , more particular by the observations in paragraphs 86, 87 and 88.  6 It has been submitted that the manner in which the judgment has been distinguished in paragraph 7 of the impugned judgment at page 320 is seriously in question.  7 Pending further orders, there shall be an ad interim stay of the impugned judg oment and order of the Single Judge of the High Court of Karnataka.  8 List the Special Leave Petition on 10 October 2023." DG of GST Intelligence and Ors v. Gameskraft Technologies P. Ltd and Ors, SLP (C) No. 19366-69/2023 dated 06.09.2023

 

  " Section 155 [(20) Where any income has been included in the return of income furnished by an assessee under  section 139  for any assessment year (herein referred to as the relevant assessment year) and tax on such income has been deducted at source and paid to the credit of the Central Government in accordance with the provisions of Chapter XVII-B in a subsequent financial year, the Assessing Officer shall, on an application made by the assessee in such form, as may be prescribed, within a period of two years from the end of the financial year in which such tax was deducted at source, amend the order of assessment or any intimation allowing credit of such tax deducted at source in the relevant assessment year, and the provisions of  section 154  shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which such tax has been deducted: Provided ...