Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS): 1) No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment for amounts upto INR 7 lakh per individual per annum., 2) More time given for implementation of revised TCS rates and for inclusion of credit card payments in LRS., and 3) Increased TCS rates to apply from 1 October 2023.
Press Release, dated 28-6-2023.
CBDT extends due date for furnishing TDS/TCS statements for 1st quarter of FY 2023-24 to September 30, 2023.
Circular No. 9 of 2023, dated 28-6-2023.
APA – effect of – Where even if year under dispute is not covered by Advance Pricing Agreement (APA), if FAR is same, APA should be adopted for the international transactions for year under dispute.
PCIT v. Springer India (P.) Ltd. – [2023] 151 taxmann.com 251 (Delhi).
Govt. authorises ICICI, Axis, HDFC, IDBI and all public sector banks to operate Mahila Samman Saving Scheme.
Notification F. No. 1/3/2023 – NS, dated 27-6-2023.
Bombay HC allows capital gain exemption to Singapore based FII under article 13(4) of India-Singapore DTAA. Limitation of Benefit clause cannot be invoked.
CIT v. Citicorp Investment Bank – [2023] 151 taxmann.com 501 (Bombay).
Sec. 80-IA – Adjustment of Notional Loss – Sub-section 5 of section 80-IA did not create any fiction to effect that losses, which had already been absorbed, would be notionally carried forward and adjusted against profits derived from eligible business to quantify deduction that assessee could claim u/s 80-IA.
PCIT v. Sterling Agro Industries Ltd. – [2023] 151 taxmann.com 203 (Delhi).