January 2023

Regulatory Referencer

Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants


1.    Deduction of tax at source from ‘salaries’ u/s 192 during F.Y.2022-23:
The CBDT has issued a Circular containing the rates of deduction of Income-tax from the payment of income chargeable under the head ‘Salaries’ during F.Y. 2022-23. It also explains certain related provisions of the Act and Income-tax Rules, 1962. [Circular No. 24/2022 dated 7th December, 2022.]

2.    Partial relaxation for electronic submission of Form 10F by select category of taxpayers: Notification No.03/2022 dated 16th July, 2022 mandated furnishing of Form 10F electronically. Considering the practical challenge faced by non-resident taxpayers not having PAN in complying with this notification, it is now provided that non-resident taxpayers not having PAN and not required to have PAN under the Act are exempted from mandatory electronic filing of Form 10F till 31st March, 2023. This category of taxpayers may file Form 10F till 31st March, 2023 in manual form. [F. No. DGIT(S)-ADG(S)-3/e-Filing Notification/ Forms 2022/9227 dated 12th December, 2022.]


1.    A partnership firm/company is not eligible to be a registered valuer if not a member of RVO: The MCA has notified the Companies (Registered Valuers and Valuation) Amendment Rules, 2022. As per the amended norms, a partnership entity or company shall not be eligible to be a registered valuer if it is not a member of a Registered Valuers Organisation (RVO). Further, such an entity shall not be a member of more than one such RVO at a time. [Notification dated 21st November, 2022.]


1.   Uniform format prescribed for reporting OTC trades in listed Non-Convertible Securities: SEBI has observed that information on OTC trades in listed non-convertible securities provided to the Stock Exchange(s) by the investors is incomplete and/or inaccurate. This, in turn, amounts to incorrect and distorted information displayed on the Stock Exchanges’ websites. To address the issue, SEBI has specified a uniform format for reporting OTC trades, the reporting of which shall be made by all person(s) dealing in such securities. [Circular No. SEBI/HO/DDHS/DDHS_DIV1/P/CIR/2022/159 dated 24th November 2022.]

2.    Timelines for transfer of dividend/redemption proceeds by AMCs to unit holders reduced: SEBI has reduced the timeline for dividend payout by AMCs to 7 working days (at present,15 days). Further, the transfer of redemption/repurchase proceeds to the unit holders shall be made within 3 working days from the date of redemption/repurchase. I


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