NOTIFICATION No. 89 /2023/ F.No.370142/36/2023-TPL, DATED 16-10-2023

The Central Board of Direct Taxes vide notification dated 16th October, 2023 has issued the Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023. They shall come into force with effect from the 1st day of January, 2024.

The amendment provides that the units of International Finance Service Centre (IFSC) shall submit returns of remittances to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) and they shall specify the procedures, formats and standards for the purposes of furnishing and verification of Form No. 15CA, Form No. 15CB, Form No. 15CC and Form No. 15CD and shall be responsible for the day-to-day administration in relation to the furnishing and verification of information, certificate and quarterly statement.

The amendment has also issued the new form 15CD. In the principal rules, in the APPENDIX II, after Form No. 15CC, the following Form shall be inserted, namely: –

FORM No. 15CD

NOTIFICATION No. 91 /2023/F. No. 370142/40/2023-TPL, DATED 19-10-2023

The following amendment has been stated –

Rule 16D has been inserted which reads Form of the Report for claiming deduction under section 10AA – the report of an accountant which is required to be furnished by the assessee, under sub-section (8) of section 10AA read with sub-section (5) of Section 10A shall be in Form No 56F.

In Rule 130, which states – “Omission of certain rules and forms and savings”:

1. In sub-rule (1), the figures and letter “16D”, shall be omitted;
2. In Sub-rule (2), the figures and letter “56F” shall be omitted.

In Appendix II, Form No 56F shall be inserted.

These shall be deemed to have come into force from July 29, 2021.

NOTIFICATION No. 94/2023/ F.No. 370142/2/2023-TPL-Part (1), DATED 31-10-2023

The amendment introduces alterations to Form ITR-7, affecting both Part B–TI and Part B–TTI sections. In Part B–TI, serial number 16 now addresses specified income chargeable under section 115BBI, taxed at 30%, and serial number 17 calculates the aggregate income to be taxed at normal rates. Part B–TTI, serial number 1a, calculates tax at normal rates based on the modifications in Part B–TI. The amendment brings clarity and streamlines the tax calculation process for the specified assessment year.

NOTIFICATION No. 96/2023 F.No.503/12/2012 TD. I, DATED 01-11-2023

Whereas, an Agreement between the Government of the Republic of India and the Government of Saint Vincent and the Grenadines for the Exchange of Information and Assistance in collection with respect to taxes, was signed at Kingstown, Saint Vincent and the Grenadines on the 19th day of May of 2022, as set out in the Annexure to the above notification (hereinafter referred to as the Agreement); And whereas, the said Agreement entered into force on the 14th day of February, 2023, being the date of the later of the notifications of the completion of the procedures required by the respective laws of the contracting states for entry into force of the said agreement, in accordance with paragraphs 1 and 2 of Article 12 of the Agreement, And whereas, paragraph 2 of Article 12 of the said Agreement also provides that the Agreement shall have effect forthwith after the date of entry into force; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of said Agreement, as annexed to the above notification, shall be given effect to in the Union of India.