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April 2023

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole
Chartered Accountants
Reading Time 2 mins
DIRECT TAX Amendment to Rule 12 - Income-tax (Second Amendment) Rules, 2023- Notification No. 5/- 2023 dated 14th February,2023 ITR-7 Form is used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). Form ITR-7 for A.Y. 2023-24 is now notified. Amendment to Rule 16CC and 17B - Income-tax (Third Amendment) Rules, 2023- Notification No. 7/ 2023 dated 21st February, 2023 CBDT has notified amended Form 10B and 10BB. These forms are to be submitted by Charitable or religious trusts, organisations, universities or other educational institutions in compliance with section 10(23C) and 12A of the Income-tax Act. Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA - Circular No. 3/2023 dated 28th March 2023 The Aadhaar is required to be linked with PAN. Even if PAN is not linked to Aadhar, the adverse consequences of PAN becoming inoperative were not to apply till 31st March, 2023. This deadline is extended by three months from 31st March to 30th June, 2023 subject to payment of fee of Rs. 1,000.  All unlinked PAN cards will become inoperative as of  1st July, 2023.  
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