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| Dear Reader, | |||
| Greetings for the day!!! We are pleased to share the recent Income Tax notification and circulars. |
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| S.no | Description | Relevant links |
| 1. | CBDT brings changes in Forms and Procedure w.r.t CIT(Appeal) proceedings by including Joint Commissioner (Appeals). | Notification no.32/23 Dtd 29.05.2023 |
| 2. | CBDT formulates the “E-appeals Scheme, 2023” for an assessee aggrieved by the orders of an AO (below the rank of Joint Commissioner) to appeal to the Joint Commissioner (Appeals). | Notification no.33/23 Dtd 29.05.2023 |
| 3. | CBDT amends Rule 11AA to clarify that provisional 80G approval is effective from the year of application. | Notification no.34/23 Dtd 30.05.2023 |
| 4. | CBDT widens the applicability of Rule 11UAC to cover all instances of equity purchase and exempt buyers from a tax liability (if the shares are acquired below fair market value to facilitate strategic disinvestment of public sector enterprises). | Notification no.35/23 Dtd 31.05.2023 |
| 5. | CBDT revises monetary limits for acceptance or rejection of applications/claims by different authorities w.e.f. 01.06.2023. | Circular no.7/23 dtd 31.05.2023 |
| 6. | CBDT revises exceptions to monetary limits for filing appeals, where an identical question of law is pending before the High Court or Supreme Court. | Circular no.8/23 dtd 31.05.2023 |
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