Daily Financial norms.

CBDT, vide Notification No. 43/2023 dated 21.06.2023, notifies amendments in Rule 2BB (Allowances) and Rule 3 (Perquisites) in the light of Section 115 BAC i.e. new tax regime; Also amends and Rule 5 (Depreciation) for restricting depreciation to 40% of the block of assets for the persons opting to get taxed under Sections 115BAC or 115BAE (applicable to manufacturing co-operative societies);

Further introduces Rule 21AGA and Form 10-IEA (applicable Assessment year 2024-25 onwards) to opt for or withdraw from the new tax regime for the persons having income from business or profession; The rule also provides that the persons not having income from business or profession can opt for new regime through the return of income furnished under Section 139(1); DGIT (Systems) is required to specify the digital procedure for furnishing Form 10-IEA. 

The Income Tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy. 

Allahabad High Court allows Appeal Revival before CESTAT with Pre-Deposit Payment. Case Name : Madhyamik Shiksha Parishad Vs Customs Excise And Service Tax Appellate And Another (Allahabad High Court)

MCA-21 Portal from V-2 to V-3, it has been decided to allow companies to file Form DPT -3 for the FY on 31st March 2023 without paying additional fees up to 31st July 2023.

RBI clarified that it has not made any relaxations for wilful defaulters as it sought to address the heat and dust raised over its recent circular on compromise settlements with such borrowers. The regulator, through FAQs, said that provisions for such compromise settlements have been in place for over 15 years and its latest circular is aimed at tightening existing norms.

Regards

Rohit sharma