Income Tax - 2023

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• Notifications
• Circulars
• Press Releases
• Clarifications

Notifications:

• The Income-tax (Thirtieth Amendment) Rules, 2023 - ITR 1 & 4 notified for AY 2024-25 [No.105]
• The ​Income-tax Amendment (Twenty-Ninth Amendment) Rules, 2023​ - Amendment to Rule 10TA & 10TD (intra group loans) [No.104]
• The ​Income-tax Amendment (Twenty-Eighth Amendment) Rules, 2023​ [No.103]
• Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent [Corrigendum to Notification No. 4 of 2021]
• Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions​ [Corrigendum to Notification No.3 of 2021]
• Notification u/s 90 of the Income tax Act 1961 with Saint Vincent and The Grenadines [No.96]
• The Income-tax (Twenty-Seventh Amendment) Rules, 2023 - Changes in Form ITR 7 [No.94]
• The Income-tax (Twenty Sixth Amendment) Rules, 2023 -New Rule 16D - Form of report for claiming deduction under section 10AA [No.91]
• The Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2023
• The Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023 - Amendment to Rule 37BB & New Form 15CD [No.89]
• The Income-tax (Twenty-fourth Amendment) Rules, 2023 - Amendment to Rule 114B, 114BA, 114BB and Form 60 [No.88]
• The Income-tax (Twenty-Third Amendment) Rules, 2023 - New Rule 21AHA - Exercise of option u/s 115BAE(5) [No.83]
• The Income-tax (22nd Amendment) Rules, 2023 - Forms for report of audit or inventory valuation under section 142(2A) - Amendment to Form 6B and New Form 6D [No.82]
• Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 through TRACES [No.2/2023]
• The Income-tax (Twenty first Amendment), Rules, 2023 - Amendment to Rule 11UA(2) - Safe Harbour Rules and computation of Fair Market Value [No.81]
• Classes of NBFCs u/s 43B(da) notified [No.80]
• Classes of NBFCs u/s 43D notified [No.79]
• The Income-tax (Twentieth Amendment) Rules, 2023 - Insertion of Rule 134 to the Income Tax Rules 1962 [No.73]
• Corrigendum to Notification No.65 (Valuation of Residential Accommodation provided by Employer) [No.72]
• Notification under section 47 of Income tax Act 1961 [No.71]
• The Income-tax (Ninteenth Amendment) Rules, 2023 - New Rule 13 - Procedure to requisition services under section 132(2) and to make a reference under section 132(9D) [No.70]
• The Income tax (Eighteenth Amendment), Rules, 2023 - Amendment of Rule 3(1) of Income tax Rules, 1962 - Valuation of Residential Accommodation provided by Employer [No.65]
• The Income-tax (Seventeenth Amendment) Rules, 2023 - Rate of Exchange for the Purpose of TDS on Income Payable in Foreign Currency [No.64]
• The Income tax Amendment (Sixteenth Amendment), Rules, 2023 - New Rule 11UACA - Computation of Income Chargeable to Tax u/s 56(2)(xiii) for Amount Received under Life Insurance Policy [No.61]
• The Income-tax (Fifteenth Amendment) Rules, 2023 [No.58]
• TDS Exemption for IFSC Units for lease of ship [No.57]
• The Income-tax (Fourteenth Amendment) Rules, 2023 - New Rule 6ABBB - Form of statement to be furnished regarding preliminary expenses incurred under section 35D [No.54]
• Corrigendum to Notification No.37/2023 [No.53]
• TDS exemption for dividend received from any unit IFSC engaged in the business of leasing aricrafts [No.52]
• The Income-tax (Thirteenth Amendment) Rules, 2023 - Amendment to Rule 11UAC [No.51]
• The Income-tax (Twelvth Amendment) Rules, 2023 - Amendment to provisions regarding calculation of income from offshore derivative instruments [No.50]
• Amendment to defination of "Investment Fund" [No.49]
• Jurisdictional Notification [No.47]
• Transfer Pricing - Determination of arm's length price in case of variations in an international transaction or specified domestic transaction [No.46]
• The Income-tax (Eleventh Amendment) Rules, 2023 - Amendments to Rules and Forms relating to Charitable and Religious Trusts [No.45]
• The Income-tax (Tenth Amendment) Rules, 2023 - Amendments to Income Tax Rules relating to section 115BAC of Income Tax Act [No.43]
• Special Courts in Jharkhand for Black Money cases [No.42]
• Further amendments to Notification No.S.O.359 dated 30th March, 1988 - Amendments to give effect to the e-Appeals Scheme, 2023 [No.41]
• Income Tax Authorities assigned to give effect to the e-Appeals Scheme, 2023 [No.40]
• Cost of Inflation Index For FY 2023-24 [No.39]
• ​e-Advance Rulings (Amendment) Scheme, 2023 [No.38]
• The Income-tax (Ninth Amendment) Rules, 2023 - Amendment to Rule 44E And New Forms 34C to 34EA [No.37]
• The ​Income-tax (8th Amendment) Rules, 2023 - Amendment to Rule 11UAC [No.35]
• Income Tax Seventh Amendment Rules, 2023 - Amendment of Rule 11AA [No.34]
• e-Appeals Scheme, 2023 [No.33]
• Income Tax Sixth Amendment Rules, 2023 - Amendment to Form No.35 [No.32]
• Leave encashment limit for non-govt employees notified [No.31]
• Conditional exemption from section 56(2)(viib) - Calculation of Fair Market Value of shares [No.30]
• Investment from 21 countries to be exempt from angel tax [No.29]
• The Income-tax (Fifth Amendment) Rules, 2023 - Calculations of Net Winnings from Online Games [No.28]
• Mahila Samman Savings Certificate, 2023 notified [No.27]
• Inclusion of agents under PMLA
• DTAA with Chile [No.24]
• Applicability of PMLA on CA/CS/CWA
• Amendments to section 10 - Computation of Value of Perquisites - retrospective [No.22]
• Cost of Inflation Index for FY 2023-24 notified [No.21]
• Amendments to Jurisdiction u/s 114F [No.17]
• Procedure, format and standards for filling an application in Form No. 15C or Form No. 150 for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES [No.1]
• Form 10F: Partial Relaxation provided to Non-residents not having PAN and not required to have it
• Rule 114AAA: Making PAN inoperative - The ​Income-tax (Fourth Amendment) Rules, 2023 [No.15]
• Corrigendum: Changes in Income Tax Forms [No.11]
• IBBI notified for the purposes of section 10(46) of the Income-tax Act, 1961 [No.9]
• Amendments to Income Tax Forms [No.8]
• The Income-tax Amendment (3rd Amendment) Rules, 2023 - Amendments relating to Charitable and Religious Trusts [No.7]
• The Income-tax (Second Amendment) Rules, 2023 - ITR 7 notified [No.5]
• The Income-tax (First Amendment) Rules, 2023 - ITR Forms notified [No.4]
• The Centralised Processing of Equalisation Levy Statement Scheme, 2023 [No.3]
• ​​FAQs on e-Verification Scheme 2021
• ​​Addendum to Notification 2 of 2021 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000) [Notification No.1]

Circulars:

• ​Guidelines u/s 194-O(4) of the Income-tax Act 1961 - TDS by e-commerce operator [Circular No.20]
• Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 [Circular No.19]
• Extension of due date of filing report of accountant u/s 10AA(8) [Circular No.18]
• Clarification on details to be provided in Form 10B / 10BB regarding 'substantial contribution' [Circular No.17]
• ​Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24 [Circular No.16]
• Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961​ [Circular No.15]
• ​Standard Operating Procedure (SOP) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in sub-section (19) of Section 155 of the Income-tax Act, 1961​ [Circular No.14]
• Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for various assessment years from AY 2018-19 to AY 2022-23 [Circular No.13]
• ​​Clarification regarding taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund [Circular No.12]
• ​Corrigenda to Circular No. 10 (Regarding TCS on LRS) [Circular No.11]
• ​Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package [Circular No.10]
• ​Extension of time limits for submission of certain TDS/TCS Statements​ [Circular No.9]
• ​Revision of exceptions to monetary limits for filing appeals deferred under provisions of Section 158AB​ [Circular No.8]
• Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961 [Circular No.7]
• Clarification regarding provisions relating to charitable and religious trusts [Circular No.6]
• Guidelines for removal of difficulties u/s 194BA(3) of the Income-tax Act, 1961 [Circular No.5]
• Clarification regarding Employee's Preferred Tax Regime before TDS under section 192 read with section 115BAC(IA) of the Income-tax Act, 1961 [Circular No.4]
• Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA [Circular No.3]
• Corrigendum to Circular No. 23 of 2022 Dated 03.11.2022 - Explanatory Notes to Finance Act, 2022 [Circular No.2]
• ​Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 (' Act') in view of the then-Covid-19 pandemic [Circular No.1]

Press Releases:

• Summary of Rule for determination of value of perquisite in respect of residential accommodation provided by employer
• Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2023-24
• ​Clarification on FAQ 6(reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of FATCA reportable accounts
• Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023
• Last date for linking of PAN-Aadhaar extended

Clarifications:

• ​Clarification on information to be reported by Reporting Financial Institutions (RFIs) in respect of reportable accounts u/s 114F(5)