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December 2022

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants
Reading Time 5 mins
DIRECT TAX

1.    Condonation of delay in filing Form No.10A: The CBDT has condoned the delay upto 25th November 2022 in filing Form No. 1OA u/s 12A(1)(ac)(i) or first proviso to clause (23C) of section 10 or clause (i) of first proviso to section 80G(5) or fifth proviso to section 35(1), which was required to be filed electronically on or before 31st March, 2022. [Circular No. 22/2022 dated 1st November, 2022.]

2.    Explanatory Notes to the Provisions of the Finance Act, 2022: The CBDT has released the explanatory notes to the provisions of the Finance Act, 2022 that describes the substance of the provisions/amendments made by the Finance Act, 2022 relating to Income-taxes. [Circular No. 23/2022 dated 3rd November, 2022.]


COMPANIES ACT

1.    Provisions of the Companies Act, which would apply to Financial Products Services Institutions at IFSCs, specified: The Central Government has specified provisions of the Companies Act which shall apply with such exceptions, modifications and adaptations as specified to financial products, financial services or financial institutions in an International Financial Services Centre (IFSC). [Notification No. S.O. 5160E, dated 4th November, 2022.]

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