Due Date for Income Tax Compliance (July 2023)
| Due Date |
Compliance |
| 7th July 2023 |
Deposit of TDS/ TCS deducted/collected for the month of June, 2023
Deposit of TDS for the period April 2023 to June 2023 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H |
| 15th July 2023 |
Issue of TDS Certificates for TDS deducted in the month of May, 2023 :
• Purchase of Immovable Property covered in Sec 194IA
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF covered in Sec 194IB
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year covered in Sec 194M
• Payment on transfer of Virtual Digital Assets covered in Sec 194SQuarterly statement of TCS deposited and foreign remittances in form No. 15CC for the quarter ending June 30, 2023.Uploading of declarations received from recipients in Form No. 15G/15H during the quarter ending June, 2023 |
| 30th July 2023 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of June,2023:
• Purchase of Immovable Property covered in Sec 194IA
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF covered in Sec 194IB
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year covered in Sec 194M
• Payment on transfer of Virtual Digital Assets covered in Sec 194SIssue of TCS Certificates in respect of tax collected for the Quarter ended June, 2023 |
| 31st July 2023 |
Filing return of income for the Assessment Year 2023-24 for all assesse other than
• corporate-assesse
• non-corporate assesse (whose books of account are required to be audited)
• partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A (Portuguese Civil Law) applies
• an assessee who is required to furnish a report under section 92EFiling quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2023. |
Notifications/Circulars/Case Laws
1. Clarification on monetary limit to avoid filing of appeal on identical question of law
CBDT vide Notification No. Circular No. 8/2023 [NO. 279/MISC. /M-93/2018-ITJ(PT.)] of dt. May 31st, 2023, notifies clarification on monetary limit to avoid filing of appeal on identical question of law
For detailed information please refer our article on the same by referring the link:
https://skpatodia.in/blog/income-tax-circular-clarification-on-monetary-limit-to-avoid-filing-of-appeal-by-revenue-on-identical-question-of-law
2. Type of Income Tax Appeals Not to be Disposed by JCIT(A) Notified
CBDT recently issued an order on June 16, 2023 specified cases on which e-Appeal Scheme, 2023 will not apply.
For detailed information please refer our article on the same by referring the link:
https://skpatodia.in/blog/type-of-income-tax-appeals-not-to-be-disposed-by-jcita-notified
3. Income Tax Notification – TDS/TCS return (Form 26Q, 27Q, 27EQ) due date extended from 31-07-2023 to 30-09-2023
CBDT Vide Circular No. 9/2023 dated June 28, 2023,time limits for submission of TDS/TCS returns (in form 26Q, 27Q, 27EQ) for first quarter of FY 2023-24 is extended to Sep 30, 2023 which were required to be furnished before 31st July (TDS)/ 15th July (TCS).
4. Implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and overseas Tour Program Packages
CBDT has extended the effective date for implementation of new TCS provisions from 01-07-2023 to 01-10-2023 by issuing circular No. 10/2023 dated 30-06-2023. Rates for remittance under LRS are summarized below:
| Nature |
Rate upto 30-09-2023 |
New Rate w.e.f 01-10-2023 |
| LRS for education, financed loan by financial institution |
Threshold – Rs.7 Lakhs Rate – 0.5% |
Threshold – Rs.7 Lakhs Rate – 0.5% |
| Remittance for the purpose of education(other than referred to above) |
Threshold – Rs.7 Lakhs Rate – 5% |
Threshold – Rs.7 Lakhs Rate – 5% |
| Remittance for other purpose |
Threshold – Rs.7 Lakhs Rate – 5% |
Threshold – Rs.7 Lakhs Rate – 20% |
| Remittance for Medical Treatment |
Threshold – Rs.7 Lakhs Rate – 5% |
Threshold – Rs.7 Lakhs Rate – 5% |
| Overseas Tour Program Package |
Threshold – Nil Rate – 5% |
Threshold : Upto 7 Lakhs Rate – 5%
Exceeding 7 Lakhs
Rate – 20% |
Judgements
No denial of sec. 12A relief if trust was availing exemption since 1987 without registration certificate: [2023] 151 taxmann.com 300 (SC) Maharishi Institute of Creative Intelligence U.P. Lucknow v. Commissioner of Income Tax (Exemption)
In the instance case,the assesse applied for registration under section 12A as per provisions of law prevailing in year 1987. Thereafter, assesse continued to be granted exemption under section 12A. Till 1987 there was no requirement of issuance of any certificate of registration of section 12A and only filing an application for registration under section 12A and processing same by Department was sufficient. However, in year 1997 there was an amendment, which required issuance of certificate of registration under section 12A also. Inspite of above, assessee even after 1997 continued to avail exemption under section 12A, even post 1987 till assessment year 2007-08.
In assessment year 2010-11, the Assessing Officer considering facts as in earlier years upto 2007-08 and on basis of registration under section 12A in year 1987, granted benefit of exemption under section 12A and accordingly passed an assessment order.
Commissioner, in exercise of power under Section 263, set aside the assessment order, stating that the Assessing Officer had not verified whether a registration certificate had been issued or not.
On appeal by assesse to the Income Tax Appellate Tribunal (ITAT), matter was set aside for order passed by Commissioner.
Further on appeal by revenue, The High Court allowed the revenue’s appeal, stating that assessee would not be entitled to exemption under section 12A as it had failed to produce certificate of registration.
On appeal to the Apex Court, it was observed by the assessere had been availing the exemption under Section 12A since 1987, even after the 1997 amendment, the Assessing Officer was justified in granting the exemption for the assessment year 2010-11. The court acknowledges that the assesse had indeed availed the exemption until the assessment year 2007-08.
Based on these facts, Supreme Court concluded that the order passed by High Court is erroneous and unsustainable and the same was quashed and set aside and order passed by ITAT restored.
