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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CBDT clarifies on application of PPT Provision under DTAAs (See Brief)

TP - AMP expenditure incurred by assessee for brand owned by its AE would not constitute international transaction, in absence of any arrangement for benefit of brand owner: HC (See Breaking News)

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I-T - Taxability of foreign remittances and obligation to withhold TDS on management fee and testing charges, merits fresh adjudication, if AO has not carried out proper enquiry of documentary evidences: ITAT (See Breaking News)

TP- When AO could not have directly make any changes in final assessment order after directions of DRP, then PCIT can't make any changes, so as to circumvent provisions of Sec 144C(13): ITAT (See Breaking News)

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I-T- Assessee cannot raise objections against final assessment order after failing to comply with statutory requirement for filing objections within prescribed time limit: ITAT (See Breaking News)

I-T - Salary received by non-resident assessee for services rendered outside India, though received in India, is not taxable as per provisions of section 9(1)(ii): ITAT (See Breaking News)

I-T - In absence of PE, income non-resident accrued outside India is neither liable to be assessed as business profit of payee nor as royalty: ITAT (See Breaking News)

TP - While determining ALP of international transactions under transfer pricing regulations, aggregation of transactions is often necessary provided they are closely linked functionally or economically: ITAT (See Breaking News)

I-T - Receipt towards fabrication of bushings can't be treated as FTS, if they pertain to charges for refurbishment of bushings carried out at plant in Singapore which were in nature of manufacturing activity: ITAT (See Breaking News)

I-T - Mere rendering of services is not roped into FIS unless person utilizing such services is able to make use of technical knowledge for his own benefit in future: ITAT (See Breaking News)

INTL - Disallowance of salary expenses u/s 40(a)(ia) is invalid where the DRP had not considered additional evidence filed by assessee: 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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