SEBI Updates
Simplified norms for processing investor’s service requests by RTAs and norms for furnishing PAN, KYC details and nomination:
On November 17, 2023, the Securities Exchange Board of India (SEBI) released this circular to simplify and streamline the standards for processing investor service requests by RTAs and for providing PAN, KYC data, and Nomination to support the development and regulation of the securities market.
As a result, the Master Circular for Registrars to an Issue and Share Transfer Agents dated May 17, 2023, has been updated.
It has also been advised that the Listed Companies comply with and change the necessary rules and regulations to communicate and raise awareness among stakeholders. The appropriate circular can be found by following the link below:
Click here to access the circular
Income Tax Updates
Revision of timelines and workflows concerning refund withholding under the Income Tax Act of 1961, Section 245 (2)
In a strategic move, CBDT announces revisions to the guidelines governing the withholding of refunds under section 245 (2) of the Income-tax Act, 1961. Effective immediately, the monetary limit triggering section 245 (2) is set at Rs. 10 lakhs. In cases of applicability, the Faceless Assessing Officer collaborates with the Central Processing Center, and the Jurisdictional Assessing Officer conducts a thorough review. The revised process emphasizes a meticulous examination of cases, ensuring transparency and equity. Timeframes are streamlined, with the Faceless Assessment Unit allotted 20 days and the Jurisdictional Assessing Officer given 30 days for completion.
Click here to access the notification
Income Tax Department granted authority to share taxpayers’ information with UIDAI
In a recent development, the Income Tax Department (IT dept) has gained the legal mandate to share taxpayers’ information with the Unique Identification Authority of India (UIDAI). This move is expected to streamline compliance monitoring. The decision reflects ongoing efforts to bolster collaboration between government agencies, aiming for more efficient and integrated systems. Taxpayers are advised to stay informed about these regulatory changes, which mark a significant step in the government’s ongoing initiatives toward digital governance.
Click here to access the notification
Income Tax Department records 7.85 Crore ITRs filed by 31st October 2023
The Income Tax Department appreciates taxpayers and tax professionals for compliance on time, resulting in the record number of filing of Income Tax Returns (ITRs) till 31st October 2023 which was the due date for filing of ITRs (Other than ITR 7), for taxpayers (not having any international or specified domestic transaction), in whose case books of account were required to be audited.
On the deadline day of 31st October 2023, the Income Tax Department celebrated a historic milestone as more than 7.85 crore ITRs were filed. This impressive figure set a new record compared to the 7.78 crore ITRs filed in the previous fiscal year (FY 2022-23).
Click here to access the notification
Direct Tax Collections for F.Y. 2023-24 up to 09.11.2023
The Ministry of Finance recently released data on Direct Tax collections for the fiscal year 2023-24 up to November 9, 2023.
The provisional data reveals that gross direct tax collections up to November 9, 2023, amount to Rs. 12.37 lakh crore indicating a substantial increase of 17.59% compared to the gross collections during the same period in the previous fiscal year.
