Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) - Taxindiainternational.com

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TP - Notional interest adjustment on receivables is impermissible where receivables have not become overdue within relevant accounting period: ITAT (See Breaking News)

TP - Assessee is entitled to challenge comparable before DRP even if it accepts the same before TPO - comparability is to be determined in keeping with statutory requirements & relevant FAR analysis: ITAT (See Breaking News)

TP - Rate charged by State Electricity Board to industrial consumer should be taken as market value for transfer of electricity from eligible unit to non-eligible unit: ITAT (See Breaking News)

TP - TPO cannot reject assessee's selection of AE as tested party for export transactions and substituting GPL India as tested party: ITAT (See Breaking News)

I-T - Interest received from and paid to overseas head office and branches is not taxable at hands of PE applying doctrine of mutuality: ITAT (See Breaking News)

I-T - Mere fact that for limited purpose of attribution of profits under DTAA, a Permanent Establishment is treated as separate enterprise, does not alter fundamental legal position that Head Office and branch continue to constitute same juridical person: ITAT (See Breaking News)

TP - Interest rate on intra-group loans should not be benchmarked using CUP method: ITAT (See Breaking News)

TP - Mere attribution of percentages to functions, assets and risks, without reliable basis for quantifying respective economic contributions, cannot, by itself, establish ALP of licence fees: ITAT (See Breaking News)

TP - If assessee has filed financials of AEs to establish that payment received from assessee were subjected to taxation in their respective jurisdiction, benefit test has no relevance in determining ALP: ITAT (See Breaking News)

TP - Notional interest adjustment on debt-free company is not sustainable: ITAT (See Breaking News)

TP - Working capital adjustment, foreign exchange fluctuation adjustment, and capacity utilization adjustment, shall be applied to international transactions: ITAT (See Breaking News)

TP - Royalty payment made by assessee to its AE cannot be subjected to TP adjustment when royalty is not embedded in import price: ITAT (See Breaking News)

TP - Penalty u/s 271BA cannot be sustained where foundational provision, namely section 92BA(i), is already omitted when penalty proceedings were initiated & the penalty order was passed: ITAT (See Breaking News)

I-T - Services rendered by individual based on his personal expertise, market knowledge & industry experience cannot automatically be characterised as FTS just because they have consultancy attributes: ITAT (See Breaking News)

DTAA - Borrowed services fees does not satisfy 'make available' requirement under Article 13(4) of India-UK DTAA: ITAT (See Breaking News)

I-T - Profits attributable to non-UK resident partners of UK partnership firm providing legal services in India cannot be taxed as Fees for Technical Services u/s 9(1)(vii): ITAT (See Breaking News)

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Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) By TII News Service Mar 08, 2024 , New Delhi
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 04/2024, Dated: March 07, 2024 Sub: Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) - reg. As per section 194S of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), any person responsible for paying to any resident person any sum by way of consideration for the transfer of a virtual digital asset is required to deduct an amount equal to 1% of such sum as income tax thereon. Further, as per sub-rule (4D) of rule 31A, a 'specified person' is required to report such deductions in a challan-cum-statement electronically in Form No. 26QE within thirty days from the end of the month in which such deduction is made. 2. It has come to the notice of the Central Board of Direct Taxes ('the Board') that specified persons who deducted tax under section 194S of the Act during the period from 01.07.2022 to 31.01.2023, could not file Form No. 26QE and pay corresponding TDS on or before the due date, due to unavailability of Form No. 26QE. This has resulted in consequential levy of fee under section 234E and interest under clause (ii) of sub-section (1A) of section 201 of the Act. Further, the specified persons who deducted tax under section 194S during the period from 01.02.2023 to 28.02.2023 had insufficient time to file Form No. 26QE and pay corresponding TDS thereon. 3. In order to address the grievances of such specified persons and in exercise of the powers conferred under section 119(2)(a) of the Act, the Board has decided to, ex-post facto, extend the due date of filing of Form No. 26QE for specified persons who deducted tax under section 194S but failed to file Form No. 26QE. The due date is hereby extended to 30.05.2023 in those cases where the tax was deducted by specified persons under section 194S of the Act during the period from 01.07.2022 to 28.02.2023. Fee levied under section 234E and/or interest charged under section 201(1A)(ii) of the Act in such cases for the period upto 30.05.2023, shall be waived. 4. It is clarified that the above extension is a one-time exception in view of the circumstances referred to above. 5. Hindi version shall follow. [F. No. 275/01/2023-IT(B)] (Sunil Kumar) Under Secretary to Government of India

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