GST registration to be taken by GPA holder who entered into leasing of building for commercial purposes.
Nagabhushana Narayana, In re – [2023] 150 taxmann.com 304 (AAR – Karnataka).
CBDT releases guidelines for compulsory selection of returns for Complete Scrutiny during FY 2023-24.
Notification F. No. 225/66/2023/ITA-II, dated 24-5-2023.
CBDT notifies enhanced exemption limit of INR 25 lakh for leave encashment u/s 10(10AA). The enhanced limit to apply with effect from 1-4-2023.
Notification No. 31/2023, dated 24-5-2023.
CBDT notifies persons exempt from provisions relating to ‘Angel Tax’.
Notification No. 29/2023, dated 24-5-2023.
CBDT issues clarifications on various provisions relating to charitable and religious trusts.
Circular No. 6 of 2023, dated 24-5-2023.
CBDT prescribes manner to compute ‘Net Winnings’ from online games u/s 115BBJ & Section 194BA.
Notification No. G. S. R. 379 (E), dated 22-5-2023.
CBDT issues guidelines on taxability of winnings from online games.
Circular No. 5 of 2023, dated 22-5-2023.
Section 54F – Assessee eligible to get section 54F deduction even if new house was not constructed within prescribed time limit. This was a case where entire sales consideration from previous sale was invested but the construction could not be completed as the original landlord filed a writ petition before HC against acquisition of land by the City Development Authority.
Sharada Mohan Shetty v. ITO – [2023] 150 taxmann.com 122 (Bangalore – Trib.).
CBDT proposes changes in Rule 11UA, introduces 5 more valuation methods for non-resident investors.
Press Release dated 19-5-2023.
Section 28 – Immovable properties acquired by banks have to be treated as ‘stock-in-trade’ and deduction should be allowed for amounts written off under non-banking assets.
CIT v. ING Vysya Bank Ltd. – [2023] 150 taxmann.com 80 (Karnataka).