By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V
Chartered Accountants
1. Income-tax (19th Amendment) Rules, 2022: CBDT amended existing Rules 30, 31 & 31A, annexure to Form no. 26Q, and Form Nos. 26QB, 26QC & 26QD. It has also inserted new Form nos. 26QE and 16E. Tax deducted on VDA is to be deposited in challan-cum-statement in Form 26QE. The certificate of tax deducted at source on VDA must be issued in Form 16E. Separate reporting of tax payments is required to be made in accordance with provisos to Sections 194B, 194R and 194S.
[Notification No. 67/ 2022, dated 21st June, 2022.]2. Format, procedure and guidelines prescribed for submission of Form Nos. 1, 2 and 2A for Securities Transaction Tax. [Notification No. 2 of 2022, dated 24th June, 2022.]
3. Guidelines for removal of difficulties under sub-section (6) of section 194S: The Finance Act, 2022, inserted a new section 194S w.e.f 1st July, 2022. The said section requires a person responsible for paying to any resident any consideration for the transfer of a virtual digital asset (VDA), to deduct tax at 1%. CBDT has issued guidelines to remove difficulties in the implementation of this section.
[Circular No. 13/2022 dated 22nd June, 2022 and Circular No. 14/2022, dated 28th June, 2022.]
4. Safe Harbour for Arm’s Length Price: The notification provides for a tolerance range of 1% for wholesale trading and 3% in all other cases for A.Y. 2022-2023. It is also certified that no assessee will b
