- MCA extends Audit Trail Date to April 1, 2023 & CSR-2 to 31.05.2022
Notification number – G.S.R. (E)
Dated – 31.03.2022
The Ministry of Corporate Affairs has extended the Implementation of Audit Trail software to financial year commencing on or after the April 1, 2023 and also extended CSR-2 due date to upto May 31, 2022.
- CBDT extends last date for filing of Form No.10AB
Circular Number – 08/2022 in F. No. 197/59/2022-ITA-I
Dated – 31.03.2022
The Central Board of Direct Taxes (CBDT) has extended the last date for electronic filing of Form No.10AB, in view of the difficulties in electronic filing of Form No.10AB as stipulated in Rule 2C or 11AA or 17A of the Income-tax Rules, 1962.
The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB, for which the last date for filing falls on or before 29th September, 2022, is extended to 30th September, 2022.
- Withdrawal of TCS of 5% for NRIs visiting India
Notification Number – 20 of 2022
Dated – 30.03.2022
The Central Government has relaxed provisions of TCS under section 206C(1G) of the Income-tax Act, 1961 in respect of non-resident individuals visiting India. The Act provides for collection of tax by a seller of an overseas tour programme package from a buyer, at the rate of 5% of the amount of the package.
However, domestic tour operators were facing difficulties in collection of tax from non-resident individuals visiting India who were booking such tour package. Since the individuals booking the tour packages may not be in possession of a PAN, tax is required to be collected at higher rates. Further, such non-residents may find it difficult to furnish their ITR and claim refunds.
To remove such difficulties, the Central Government has specified that the provisions of the said section shall not apply to a buyer who is not a resident in India in terms of clause (1) and clause (1A) of section 6 of the Act and who is visiting India. Hence, a domestic tour operator is not required to collect tax on sale of overseas tour packages to non-resident individuals visiting India.
- CBDT amends Income-tax Rules, 1962 for prescribing fees u/s 234H of IT Act, 1961
Circular Number – 7/2022
Dated – 30.03.2022
As per the Income-tax Act, 1961, every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar on or before 31st March, 2022. On failure to do so, his PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee.
In order to mitigate the inconvenience to the taxpayers, a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs. 500 up to three months from 1st April, 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar.
However, till 31st March, 2023 the PAN of the ssesses who have not intimated their Aadhaar, will continue to be functional for the procedures under the Act, like furnishing of return of income, processing of refunds. After 31st March, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers.
- Faceless Inquiry or Valuation Scheme, 2022
Notification Number – 19/2022-Income Tax
Dated – 30.03.2022
CBDT notifies Faceless Inquiry or Valuation Scheme, 2022 and it specifies that (a) issuing notice under sub-section (1) of section 142 of the Act, (b) making inquiry before assessment under sub-section (2) of section 142 of the Act, (c) directing the assessee to get his accounts audited under sub-section (2A) of section 142 of the Act, (d) estimating the value of any asset, property or investment by a Valuation Officer under section 142A of the Act, shall be in a faceless manner, through automated allocation.
- RBI clarifies on recognition of Government securities towards bank’s recapitalisation requirement
Circular number – RBI/2021-22/191 DOR.MRG.REC.98/21.04.141/2021-22
Dated – 31.03.2022
RBI has clarified that in terms of Section 9 of the Master Direction IBID, investments classified under HTM shall be carried at acquisition cost, with the premium over the face value being amortised over the tenor of the instrument. It is expected that the acquisition of such instruments shall be at the fair value of the security at the time of its acquisition. This instruction also applies to re-capitalisation bonds received from the Government of India towards banks’ recapitalisation requirement and held in the investment portfolio.
It is clarified that investments in special securities received from the Government of India towards bank’s recapitalisation requirement from FY 2021-22 onwards shall be recognised at fair value / market value on initial recognition in HTM. The fair value / market value of these securities shall be arrived on the basis of the prices / YTM of similar tenor Central Government securities put out by Financial Benchmarks India Pvt. Ltd. (FBIL). Any difference between the acquisition cost and fair value arrived as above shall be immediately recognized in the Profit and Loss Account. This circular is applicable to all Commercial Banks (excluding Regional Rural Banks).
- RBI extends timeline for implementation of cassette swap in all ATMs till 31.03.2023
Circular number – RBI/2021-22/190 DCM (Plg.) No.S 1117/10.25.007/2021-22
Dated – 31.03.2022
Banks were advised to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment and achieve such cassette swap by March 31, 2022. However, representations were received from various banks and Indian Banks’ Association expressing difficulties in meeting the timeline. Accordingly, RBI has extended the timeline for implementation of cassette swap in all ATMs till March 31, 2023.
- IRDAI extends dispensation for physical signatures on Life Insurance proposal forms
Circular number – IRDAI/Life/Cir/Misc/059/03/2022
Dated – 31.03.2022
IRDA extends the facilitation dispensing with physical signature on proposal forms of Life Insurance Policies and permitting OTP based validation, up to 30/09/2022. All other provisions, in respect of this dispensation, of the above referred circulars remain unchanged.
It is also clarified that the facilitation exempting insurers from issuance of policy documents in physical form, granted under proviso to Regulation 4 (iii) of IRDAI (Issuance of e-insurance policies) Regulations, 2016, is not extended further.
- Interest rates of small saving schemes for April 22 to June 22
Notification number – F.No.1/4/2019-NS
Dated – 31.03.2022
Interest rates of small saving schemes for the First quarter of financial year 2022-23 starting from 1st April, 2022 and ending on 30th June, 2022 shall remain unchanged from the current rates applicable for the Fourth quarter (1st January, 2022 to 31st March, 2022) for FY 2021-22. Small saving schemes includes PPF, NSC, Senior Citizen Savings Schemes, Sukanya Samriddhi Account Scheme, Kisan Vikas Patra of GoI.
- DGFT extends Foreign Trade Policy 2015-2020 upto 30.09.2022
Notification Number – 64/2015-2020
Dated – 31.03.2022
The existing Foreign Trade Policy 2015-2020 which is valid upto 31.03.2022 is extended upto 30th September, 2022. The reason specified for the same is that foreign trade policy cell is working on aspects that will benefit Special Economic Zones (SEZs) and the ways in which they can sync new foreign trade policy with the new framework for Special Economic Zones. In this regard, the Government has also proposed to replace the existing law governing SEZs with a new legislation to enable states to become partners in the ‘Development of Enterprise and Service Hubs’ (DESH) and the new legislation will also comply with World Trade Organization (WTO) laws and rules.
- DGFT extends Validity of existing HBP, 2015-20 upto 30.09.2022
Public Notice Number – 53/2015-2020
Dated – 31.03.2022In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy (FTP) 20152020, the Director General of Foreign Trade extends the validity of the existing Hand Book of Procedures (HBP), 2015-20 upto 30th September, 2022 with immediate effect.
- Extension of timeline for Two Factor Authentication for redemption
Circular number – SEBI/HO/IMD/IMD-I DOF5/P/CIR/2022/41
Dated – 31.03.2022
Securities and Exchange Board of India has extended the timeline for Two Factor Authentication for redemption of Mutual Fund units to July 01, 2022.