Professional Updates

Revised monetary limit for   the condonation of delay in filing refund claim and claim of carry forward of losses   The CBDT has issued Circular No. 07/2023 dated May 31, 2023 regarding the condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961 (“the IT Act”).   Circular No. 09 of 2015 (the Circular) dated June 09, 2015 in F. No. 312/22/2015-OT by Central Board of Direct Taxes (the Board)  prescribed comprehensive guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI) claiming refund and RsOI claiming carry forward of loss and set- off thereof under section 119(2)(b) of the Income-tax Act, 1961 Now, vide Circular No 07/2023, The CBDT has updated the monetary limits for condonation of delay in filing refund claims and carry forward of losses  as under: The competent authority will accept or reject refund claim or carry f

CBDT vide notification No 31/2023 dated 24/05/2023 have increased threshold exemption limit prescribed under clause II of section 10 (10AA).  The tax exemption on leave encashment of non-government salaried employees (in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise) was earlier upto a limit of Rs.3 lakh only under section 10(10AA)(ii) of the Income-tax Act,1961(the Act). Now the limit has been increased to Rs. 25 lakhs.  This change is applicable w.e.f. 01/04/2023. Now non-government employees can claim leave encashment exemption up to Rs 25 lakhs subject to fulfilment of conditions under section 10(10AA) of the Income tax act 1961. The aggregate amount exempt from income-tax under section 10(10AA)(ii) of the Act shall not exceed the limit of Rs. 25 lakh  where any such payments are received by a non-government employee from more than one employer in the same previous year. Further, the amount exempt from inc

PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D

CPE Hours requirements for the calendar years (01/01/2023-31/12/2023) ICAI w.e.f. calendar year 2023 has done away with the 3 years block period concept for CPE hours requirement. Now onwards CPE hours requirement to be fulfilled by members on calendar year basis i.e. 01st Jan 2023 to 31st Dec 2023. In a calendar year Type Structured Unstructured Member with COP and Age < 60 years (Except all those members who are residing abroad) Minimum 20 ** Hours Compulsory Minimum 20 Hours Compulsory Can be structured or unstructured Non-COP holder and Age < 60 years (And all those members who are residing abroad) Min 20 Hours either structured or unstructured COP Holder and age 60 and above Min 30 Hours either structured or unstructured ** M andatory 2 Structured CPE Hours each on topics of “ Standards on Auditing ” and “ Code of Ethics ” (total 4 Structured CPE Hours) during every Calendar year  in Physi