By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants
DIRECT TAX
1. Income-tax (26th Amendment) Rules, 2022: Rule 40G inserted and Form 29D prescribed for filing refund claim u/s 239A of the tax deducted and paid to the credit of Central Government u/s 195.
[Notification No. 98/ 2022 dated 17th August, 2022.]2. Applicability of Section 206C (1G): Provisions of section 206C(1G), pertaining to tax collection at source at five per cent of the tour program package, shall not apply to a person (being a buyer) who is a non-resident in India as per section 6 of the Act and who does not have a Permanent Establishment in India.
[Notification No. 99/ 2022 dated 17th August, 2022.]
3. Income-tax (27th Amendment) Rules, 2022: The due date to furnish Form 67 for claiming a foreign tax credit, was on or before the due date for furnishing the original return. The due date is now extended to ‘on or before the end of the assessment year, relevant to the previous year in which the foreign income has been taxed in India and the return for such assessment year has been furnished within the time specified u/s 139(1) or 139(4)’. In the case of an updated return, the time limit to file Form 67 is before filing the return.
[Notification No. 100/ 2022 dated 18th August, 2022.]
4. Additional Guidelines for removal of difficulties under sub-section (2) of section 194R: T
