By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants
DIRECT TAX1. Clarification w.r.t relaxation of provisions of rule 114AAA prescribing the manner of making PAN inoperative: Section 139AA(2) makes it mandatory for every person to link their PAN with Aadhaar. If not done by 31st March, 2022, the PAN allotted to the person was to be made inoperative. Considering the taxpayer’s difficulties, the Circular provides that even if PAN is not linked to Aadhar, the adverse consequences of PAN becoming inoperative will not apply till 31st March, 2023. However, a taxpayer will be required to pay a fee of R500 if linking is done up to three months from 1st April, 2022 (on or before 30th June 2022) and R1,000 after that, while intimating their Aadhaar. [Circular No. 7/2022 dated 30th March, 2022 and Notification No. 17/2022 dated 29th March, 2022.]
2. Provision of TCS on remittances made under Liberalized Remittance Scheme (LRS) and remittance made towards Overseas Tour Program Package: The provisions shall not apply to an individual who is not a resident in India in terms of clause (1) and clause (1A) of section 6, and who is visiting India. [Notification No. 20/2022 dated 30th March, 2022.]
3. Amendment to Rule 12 - Income-tax (Fourth Amendment) Rules, 2022: SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack notified for A.Y. 2022-23. [Notification No. 21/ 2022 dated 30th March 2022.]
