EPFO extends three months’ time for Employers to upload wage details etc. regarding Pension on Higher Wages
Earlier an online facility was made available by EPFO for submitting Applications for Validation of Option /Joint Options for pension on higher wages. The facility was for eligible pensioners / members in compliance with the Hon’ble Supreme Court order dated 04.11.2022. The facility was launched on 26.02.2023 and was to remain available only till 03.05.2023. Central Board of Trustees has extended the time, for the employers to submit wage details etc till 31.12.2023.
CBDT revises procedure for for filling an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax
CBDT has clarified the procedure, format and standards for filling an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax through TRACES.
Income-tax (Twenty Second Amendment) Rules, 2023
The report of inventory valuation of an assessee which is required to be furnished under section 142 shall be in Form No. 6D. The amendment has also provided the new form 6D.
Timeline for availing benefits of the RoDTEP scheme
The existing rates for all the items covered under RoDTEP will be applicable for exports made from 01.10.2023 to 30.06.2024. However, it would be subject to the budgetary framework as provided under FTP 2023 so that the remissions for current financial year are managed within the approved Budget of the Scheme.
CBDT allows deduction of interest paid to NBFCs while computing income tax
CBDT has directed that any sum payable by an assessee as interest on any loan or borrowing from NBFCs in accordance with the terms and conditions of the agreement governing such loan or borrowing, shall be deducted for computing the income of the previous year, given that the sum is actually paid by him.
