Extension of TDS/TCS filing deadlines: administrative relaxation permits later submission of first-quarter statements without immediate penalty.
The Board granted a temporal relaxation of statutory filing deadlines permitting the first-quarter TDS statements in Form No. 26Q and Form No. 27Q and the TCS statement in Form No. 27EQ to be furnished by the later date specified by the Board, thereby extending the operative compliance timetable for those specified forms.

e Appeals Scheme scope specified: most income tax appeals to be completed electronically, with defined exceptions and disputed demand definition.
All appeals under section 246 and specified clauses of section 246A are to be completed under the e Appeals Scheme, 2023, except defined categories: certain older assessment and penalty appeals with disputed demand above a monetary threshold; matters under Commissioners for Central or International Taxation; assessments after search/requisition or action under section 133A; cases where additions arise from seized/impounded material; assessments under e Assessment/Faceless Assessment or section 144B; and penalty appeals under the Faceless Penalty Scheme. "Disputed demand" is defined to include assessed tax differences, tax where no return was filed, Chapter XXI penalties, and demands or intimations, including interest, surcharge and cess.

Deferral of appeals under identical question of law permitted; deferred grounds to be litigated after a favourable decision for Revenue.
Guidelines clarify that collegiums under Section 158AB will apply extant CBDT monetary thresholds and exceptions when deciding deferral of appeals. If Section 158AB applies to a single ground exceeding the threshold, filing may be deferred in Yo and pursued in Yf after a favourable decision in the other case. For multiple grounds, defer applicable grounds and file residual grounds in Yo; deferred grounds must be filed in Yf irrespective of monetary limits once Revenue obtains a favourable final decision. Judicial finality for Revenue in the other case requires contesting the relevant case on merits irrespective of thresholds; if the other case is adverse and not accepted, it may be contested on merits irrespective of limits.

Condonation of delay: delegation of authority for refund and loss carryforward claims revised to tiered monetary limits.
Condonation of delay for refund and carry forward/setoff of losses under Section 119(2)(b) is subject to revised monetary thresholds allocating acceptance or rejection powers among Principal Commissioners/Commissioners, Chief Commissioners, Principal Chief Commissioners, and the Board; the revised limits apply to applications filed on or after the stated commencement date, while other guidelines of the 2015 Circular remain unchanged.

Fair market value rules for unquoted shares expanded to non-resident investments, with prescribed valuation methods and safe harbour.
The amendment brings consideration from non-residents within clause (viib) of section 56(2) and revises rule 11UA to allow assessees to elect valuation methods by source of consideration: residents-clauses (a), (b), (c) or (e); non-residents-clauses (a), (b), (c), (d) or (e). Clause (a) prescribes a balance-sheet based formula; clause (b) allows merchant banker Discounted Free Cash Flow valuations; clause (d) allows specified alternative merchant banker methods. Transitional and procedural provisions include a deemed valuation date for merchant banker reports within ninety days and a safe harbour deeming issue price as fair market value where it exceeds specified valuations by a limited margin.

Compulsory selection for complete scrutiny requires prior administrative approval and transfer to central charges with fixed service timelines.
Guidelines mandate compulsory selection of specified categories of returns for Complete Scrutiny in FY 2023 24, including survey linked returns, search and seizure/requisition cases, non filed returns after notice, reassessment notices, withdrawal/cancellation of registrations where exemptions are claimed, recurring additions above thresholds, and cases flagged for tax evasion. Each compulsory selection requires prior administrative approval and, where applicable, transfer to Central Charges and uploading of supporting documents on IT systems for access by NaFAC; statutory timelines for selection, transfer and service of assessment or information notices are prescribed.

Trust registration deadlines and provisional registration rules clarified, with extended filing windows and reporting obligations.
Clarifies registration, provisional registration and renewal procedures for trusts under sections 10, 12A/12AB and 80G, including Board extensions for filing Forms 10A and 10AB, treatment of pending or late applications, effect of amended section 115TD for unregistered trusts, timing and validity of provisional registration for three assessment years with conversion to five-year registration, extensions for donation reporting Forms 10BD/10BE, timing rules for Forms 10 and 9A on accumulation/deemed application, and revised audit-reporting requirements and electronic payment-mode treatment in Forms 10B/10BB.

TDS on online gaming winnings: net winnings computation and withholding rules govern withdrawals and year end tax treatment.
TDS on winnings from online games under section 194BA requires deduction on net winnings at withdrawal and year-end as computed by Rule 133. Each registered user account (including multiple wallets) is aggregated for deposits, withdrawals and balances unless technological separation by platform is necessary, in which case aggregation applies within each platform. Non-taxable deposits (including borrowed funds) reduce net winnings; bonuses and incentives are taxable deposits unless play-only non-withdrawable, which are excluded until recharacterised. Valuation rules and procedures for in-kind winnings, withdrawal treatment, and a limited concession for insignificant withdrawals are specified.

U.S. TIN reporting codes permit FFIs to flag missing taxpayer IDs with specified codes, subject to compliance review.
Model 1 reporting Financial Institutions must report U.S. TINs for U.S. reportable accounts; where a TIN is unavailable, RFIs may populate the TIN field with specified IRS codes that correspond to defined account scenarios (preexisting/new accounts with U.S. place of birth or other U.S. indicia, dormant accounts, passive NFFE accounts without self certifications, and a residual code). The IRS updated these codes via Notice 2023-11, treats 2022 as a transition year with optional code sets, requires updated codes thereafter, and will issue error notifications with a cure period while assessing potential significant non compliance based on facts and procedures.

TDS on salary: employers must seek employees' tax-regime choice and, absent intimation, apply the default regime for withholding.
Employers must obtain from each employee an annual intimation of the employee's intended tax regime so the employer can compute total income and deduct tax at source according to that option. If the employee does not intimate a choice, the employer must presume the employee remains in the default tax regime and deduct tax on salary using the rates applicable to that regime. An employee's intimation to the employer does not itself constitute formal exercise of the statutory option to opt out, which must be completed separately.

Effective date for Rule 114AAA provisions specified as 1 July 2023, superseding prior administrative order.
The Board specifies the effective date on which provisions of sub rule (3) of rule 114AAA of the Income tax Rules, 1962 shall take effect and expressly supersedes the earlier Board order dated 30 March 2022 issued for the purposes of the proviso to sub rule (2) of rule 114AAA.

Electronic filing requirement for Form 10F relaxed for certain non-residents; manual submission permitted until 30 September 2023.
Notification 03/2022 mandated electronic furnishing of Form 10F. Non-resident taxpayers without PAN who are not required to obtain PAN were exempted from mandatory electronic submission until 31 March 2023; that partial relaxation is extended to permit manual filing of Form 10F by that category until 30 September 2023.

Inoperative PAN triggers refund denial, no interest, and higher TDS/TCS until PAN is made operative.
Failure to intimate Aadhaar causes PAN to become inoperative, which prevents payment of any tax refund and interest thereon for the specified period, and triggers higher rates of tax deduction and tax collection at source; these consequences operate from 1 July 2023 until PAN is made operative by intimating Aadhaar, with a fee required to restore operability and statutory exemptions preserved.

Remedial action under section 263 requires PCIT to decide appropriate remedy; AO acts if 263 not invoked.
When a Revenue Audit objection is accepted the Principal Chief Commissioner must decide if the order requires revision under section 263 and, if so, call for records and initiate revision; if not, the Assessing Officer must, by independent application of mind, examine each case and take suitable remedial action. If the AO opts for rectification under section 154, initiation requires Range head approval. Remedial action must be initiated and completed within prescribed short timelines, and the objection is treated as settled once completion is intimated and any demand notice issued.

Information-sharing regime: Aadhaar-based income-tax payee verification returns Yes/No flags and PAN via secure digital channels.
Director General of Income-tax (Systems), New Delhi is appointed as the specified authority to furnish Aadhaar-linked income-tax payee status to the Directorate of e-Governance, Government of Tamil Nadu. The nodal agency will transmit Aadhaar numbers and assessment year(s) by SFTP (with UIDAI concurrence as may be required); the Director General will reply with a "Yes/No/Not Available" flag and the PAN against the Aadhaar, using SFTP, API or other secure digital channels, with frequency decided in consultation with the requesting government.

Assessment year reference revised to permit any assessment year preceding the relevant assessment year, replacing prior limited phrasing.
Corrigendum to Circular No. 23 of 2022 amends the explanatory notes to the Finance Act, 2022 by providing that, in sub point (iii) of point (I) of sub paragraph (A) of paragraph 28.5, the phrase "two assessment years preceding such assessment year" shall be read as "any assessment year preceding such assessment year", replacing the prior limited temporal wording with an open reference to any prior assessment year.

Compliance deadline extension for claiming exemptions under Sections 54-54GB granted to address pandemic-related compliance difficulties.
The CBDT extends time for taxpayers to complete investments, deposits, payments, acquisitions, purchases, construction or other actions required to claim exemptions under Sections 54 to 54GB of the Income-tax Act, 1961 where the last date of such compliance fell between 1 April 2021 and 28 February 2022, permitting completion on or before 31 March 2023 under its power under Section 119.