Regulatory Referencer

I.      DIRECT TAX 1.    Extension of time limits for submission of TDS/TCS Statements - Circular No. 9/2023 dated 28th June, 2023. CBDT has extended the time limits for the submission of Form 26Q, 27Q & 27EQ pertaining to Q1 FY 2023-24 from 31st July, 2023 till 30th September, 2023. 2.    Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalized Remittance Scheme (LRS) and on purchase of overseas tour program package - Circular No. 10/2023 dated 30th June, 2023. CBDT issued guidelines to clarify the implementation of TCS for different foreign remittances made under the LRS. Transactions through International Credit Cards while being overseas would not be counted as LRS and hence would not be subject to TCS. Threshold of  Rs. 7 lakh per financial year per individual shall be restored for TCS on all categories of LRS payments, through all modes of payment, regardless of the purpose: Beyond this Rs. 7 lakh threshold, TCS shall be: a)    0.5 per cent (if remittance for education is financed by education loan); b)    5 per cent (in case of remittance for education/medical treatment); c)    20 per cent for others. Increased TCS rates to apply from 1st October, 2023. 3.    CBDT Notifies New Form 10IEA for opting and withdrawing from the New Tax regime for FY 2023-24 - Notification No. 43/ 2023 dated 21st June, 2023. Fol