By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants
DIRECT TAX
1. Circular regarding use of functionality under section 206AB and 206CCA: Finance Act, 2021 had inserted two new sections 206AB and 206CCA w.e.f 1st July, 2021. These sections mandated tax deduction or tax collection at a higher rate for certain non-filers. The Income-tax Department came out with the functionality ‘Compliance Check for Section 206AB & 206CCA’, made available through its reporting portal. Finance Act 2022 brought certain changes in the above mentioned provisions. Accordingly, the logic of the functionality has been amended and circular is issued to explain the amendments made in the functionality.
[Circular No. 10/2022 dated 17th May, 2022 and Notification No. 1/2022 dated 9th June, 2022.]2. Faceless Penalty (Amendment) Scheme, 2022 notified. [Notification No. 54/ 2022 dated 27th May, 2022.]
3. Income-tax (16th Amendment) Rules, 2022: Rule 44FA was inserted to provide Form and manner of filing an appeal to the High Court on a ruling pronounced or order passed by the Board for Advance Rulings under sub-section (1) of section 245W.
[Notification No. 57/ 2022 dated 31st May, 2022.]4. Clarification regarding Form No 10AC issued till the date of Circular: CBDT has clarified that where due to technical glitches, Form No. 10AC has been issued during F.Y. 2021-2022 with the headi
