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    NewsBills
    Clarification regarding advance tax while filing Updated Return
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    Interest computation on updated returns clarified: interest calculated on assessed tax reduced by claimed advance tax credit, retrospective.
    The amendment specifies that interest under the general interest provision shall be computed on the assessed tax reduced by the amount of advance tax credit claimed in the earlier return, if any; this clarification applies to interest computation for updated returns and is made retrospective to the commencement of the updated return regime.
    NewsBills
    Relief from special provision for higher rate of TDS/TCS for non-filers of income-tax returns
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    Specified person exclusion: amendment exempts those not required to file returns from higher TDS/TCS consequences, effective April.
    The definition of specified person for higher TDS/TCS is amended to exclude any person who is not required to furnish a return for the relevant assessment year and who is notified by the Central Government in the Official Gazette, thereby relieving persons not required to file from the special higher withholding regime.
    NewsBills
    Facilitating TDS credit for income already disclosed in the return of income of past year
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    TDS credit facilitation lets taxpayers apply to amend prior assessments to claim later-deducted TDS as credit.
    A provision enables an assessee who reported income in an earlier return to apply to the Assessing Officer within two years from the end of the financial year in which TDS was later deducted, for amendment of the earlier assessment or intimation to allow credit of that TDS in the relevant assessment year; rectification rules apply so far as practicable with the limitation period reckoned from the end of the financial year when TDS was deducted, and the same TDS cannot be credited in any other year.
    NewsBills
    TDS on payment of accumulated balance due to an employee
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    TDS on accumulated provident fund payments: non PAN payees taxed at the standard non PAN rate under section 206AA, not maximum.
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    Tax treaty relief at the time of TDS under section 196A of the Act
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    Tax treaty relief: lower TDS on specified non-resident fund income where residency certificate is furnished under treaty.
    Amendment provides that TDS on payments to eligible non-residents for specified mutual fund units or specified company distributions shall be at the lower of the statutory rate and the rate under the applicable tax treaty, where the payee furnishes the required tax residency certificate; the change is effective from 1 April 2023.
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    Excluding non-banking financial companies (NBFC) from restriction on interest deductibility
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    Interest deduction limitation: proposed carve-out to exclude specified NBFCs from restrictions on interest deductibility under the Act.
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    Amendments in consequence to new provisions of TDS
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    TDS compliance: failing to ensure tax on in kind benefits, VDAs and online winnings invites penalty and prosecution.
    Amendments add references to the first provisos of Section 194R and Section 194S and to subsection (2) of proposed Section 194BA into Section 271C (penalty) and Section 276B (prosecution), thereby making failure to deduct or to ensure payment of tax where benefits, virtual digital assets or online-game winnings are wholly or partly in kind subject to penalty equal to the tax not deducted or paid and to prosecution; drafting changes align language with parent TDS provisions and the amendments have staged commencements.
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    Penalty for furnishing inaccurate statement of financial transaction or reportable account
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    Penalty for false self-certification: reporting institutions face an additional levy and may recover amounts from account holders.
    A new sub section makes a prescribed reporting financial institution liable to an additional fixed monetary penalty when an inaccuracy in its statement of specified financial transactions or reportable accounts is due to false or inaccurate information submitted by the account holder; the penalty is imposed by the income tax authority prescribed for the reporting provision, and the reporting institution may recover the amount from or retain funds of the reportable account holder.
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    Provisions relating to reassessment proceedings
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    Amendments streamline reassessment by prescribing a three month deadline to furnish a return to a section 148 notice (subject to AO extension) and state that returns filed beyond that period will not be deemed returns under section 139. Section 149's limitation rules are preserved, with provisos excluding a fifteen day period from limitation computations and deeming notices arising from late year searches or requisitions to have been issued on the last day of the financial year. Section 151's specified authority list is clarified and the excluded/extended period must be counted when computing the three year threshold.
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    Alignment of timeline provisions under section 153 of the Act
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    Assessment time limits expanded to permit fuller scrutiny, align updated return treatment and extend search linked reassessment periods.
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    Business reorganisation obligations require successors to file modified returns and compel Assessing Officers to align assessments with reorganisation orders.
    Section 170A requires successor companies affected by a business reorganisation to furnish a modified return in prescribed form and manner limited to the reorganisation order, enabling modification of predecessor returns. The Assessing Officer must, on receipt, modify completed assessments or assess/reassess pending proceedings in accordance with the reorganisation order and the modified return, with all other Act provisions applying and tax charged at the rate applicable to the relevant assessment year.
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    Rationalisation of Appeals to the Appellate Tribunal
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    Appeals to Appellate Tribunal broadened to include penalties by Commissioner (Appeals) and revision orders by senior commissioners.
    The amendment expressly permits appeals to the Appellate Tribunal against penalty orders imposed by Commissioner (Appeals) under recent penalty provisions, and permits appeals against revision orders by senior commissioners and related rectifications. It also broadens the right to file a memorandum of cross-objections so respondents may file cross-objections in all cases that may be appealed to the Appellate Tribunal, correcting the previous limitation to appeals originating only from Commissioner (Appeals).
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    Reducing the time provided for furnishing TP report
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    Timeframe for transfer pricing document production shortened; limited extension remains to manage TP proceeding timelines.
    The amendment reduces the period to furnish transfer pricing information or documents to ten days from the date of a notice, with an available extension on application by the taxpayer not to exceed an additional thirty days; the Assessing Officer or the Commissioner (Appeals) may require such production in proceedings concerning international transactions or specified domestic transactions. The change is aimed at streamlining timelines for examination of submitted material and takes effect from 1st April, 2023.
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    Introduction of the authority of Joint Commissioner (Appeals)
    Show AI Summary
    Joint Commissioner (Appeals) authority created to hear specified first appeals with transfer, rehearing and scheme-based procedural powers.
    Introduction of a Joint Commissioner (Appeals) as a first appellate authority for specified orders of Assessing Officers below Joint Commissioner rank, vested with powers similar to Commissioner (Appeals). The proposal lists appealable orders (assessment, reassessment, withholding/collection intimations, penalty and rectification amendments), permits transfers of pending appeals between Commissioner (Appeals) and Joint Commissioner (Appeals) with rehearing rights, allows the Government to notify a Scheme to streamline procedures and remove direct interface technologically, and empowers the Board to exclude cases or classes; consequential definitional amendments align the new office.
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    Extension of time for disposing pending rectification applications by Interim Board for Settlement
    Show AI Summary
    Extension of time for settlement procedures to allow interim boards more time to dispose rectification applications.
    The Finance Act, 2021 abolished the Settlement Commission retrospectively from 01.02.2021 and authorized Interim Boards for Settlement to handle pending applications; clause (iv) of sub section (9) of section 245D excluded the period from 01.02.2021 until constitution of the IBS from time limit computation and assured a minimum remaining period, and the Finance Bill, 2023 proposes substituting that clause to extend specified expiring time limits to 30.09.2023 with retrospective effect from 01.02.2021 to allow IBS additional time for disposing rectification and amendment applications.
    NewsBills
    Defining the cost of acquisition in case of certain assets for computing capital gains
    Show AI Summary
    Cost of acquisition deemed nil for certain intangible assets, altering capital gains computation and taxability.
    Amendment treats the cost of acquisition and cost of improvement of capital assets that are intangible assets or other rights for which no consideration was paid as Nil for computing capital gains, clarifying that assets not covered by existing enumerated provisions shall have no cost basis, and thereby resolving judicial uncertainty about taxability of gains on such transfers. The amendment applies prospectively from the Bill's stated effective date and to subsequent assessment years.
    NewsBills
    Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or re...
    Show AI Summary
    Prevention of double deduction: interest claimed under house property or chapter VIA excluded from cost of acquisition for capital gains.
    The Finance Bill proposes a proviso to section 48 that the cost of acquisition or cost of improvement shall exclude any interest amount claimed as a deduction under section 24 or under Chapter VIA, to prevent double deduction when computing capital gains.

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      Increasing rate of TCS of certain remittances

      1 February, 2023

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      Union Budget 2023-24 + FINANCE Bill, 2023

      Increasing rate of TCS of certain remittances

      Section 206C of the Act provides for TCS on business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1G) of the aforesaid section provides for TCS on foreign remittance through the Liberalised Remittance Scheme and on sale of overseas tour package.

      2. In order to increase TCS on certain foreign remittances and on sale of overseas tour packages, amendment is proposed in sub-section (1G) of section 206C of the Act.

      3. The current and proposed TCS rates are tabulated as under:

      S. No

      Type of remittance

      Present rate*

      Proposed rate*

      (i)

      For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E.

      0.5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

      No change.

      (ii)

      For the purpose of education, other than (i) or for the purpose of medical treatment.

      5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

      No change.

      (iii)

      Overseas tour package

      5% without any threshold limit.

      20% without any threshold limit.

      (iv)

      Any other case

      5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

      20% without any threshold limit.

      * In the table above, the present rate and the proposed rate of TCS are on the amount or the aggregate of the amounts being remitted by the buyer in a financial year.

      4. This amendment will take effect from 1st July, 2023.

      [clause 90]

       

      Full Text:

      Union Budget 2023-24 + FINANCE Bill, 2023

      Topics

      ActsIncome Tax
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