Direct Tax
Condonation of Delay in Filing form 10-IC for AY 2021-22
Circular No.19/2023 F. NO. 173/32/2022-ITA-I dated 23 October 2023
In view of the genuine hardship faced by domestic companies that exercised the option under Section 115BAA of the Act for AY 2021-22 but could not file Form 10-IC as required under Rule 21AE of the Rules within the stipulated due date/extended due date, the CBDT, in the exercise of its powers under Section 119(2)(b) of the Act, has allowed a condonation of such delay, subject to meeting certain conditions. The conditions for condonation of delay are as follows:
- The return of income for the relevant AY is filed on or before the due date specified under Section 139(1) of the Act.
- The assessee company has opted for taxation under section 115BAA of the Act in item (e) of "Filing Status" in "Part A-GEN" of ITR-6 (Form for return of income).
- Form No. 10-IC is filed electronically on or before 31 January 2024 or three months from the end of the month in which this Circular is issued, whichever is later.
Indirect Tax
Foreign Trade Policy
DGFT Introduces Centralized Video Conference Facility
Trade Notice No. 32/2023-24 dated 6 November 2023
Starting 8 November 2023, a centralized Video Conference (VC) facility is now available at the DGFT headquarters every Wednesday between 10 am to 12 pm. Senior officers from the Directorate General of Foreign Trade (DGFT) HQs shall address the matters that could not be resolved by various DGFT Regional Authorities (RAs) despite concerted efforts. This facility is intended as a platform for Trade and Industry representatives to bring forward suggestions for improvements and raise concerns pertaining to DGFT systems and procedures.
Pilot Launch of the Upgraded Electronic Bank Realization Certificate (eBRC) system
Trade Notice No. 33/2023-24 dated 10 November 2023
The DGFT has implemented an enhanced eBRC system based on electronic Inward Remittance Messages (IRMs) to be transmitted directly by banks to the DGFT portal. Based on the IRMs received, the exporters shall selfcertify their eBRCs.
Some of the salient features of the new eBRC system are listed below:
- Banks receiving Export Remittances will push the IRM message to the DGFT IT system electronically.
- IRM details will be accessible to the relevant IEC holder upon logging onto the DGFT portal.
- The exporter will create eBRCs for Goods Exports, Services Exports and Deemed Exports by matching IRM with relevant shipping bills, SOFTEX, or invoice details. Multiple IRMs may be grouped under one eBRC, or one IRM can be split amongst several eBRCs.
- The RBI Purpose Code and other fields mentioned in the IRM shall be used to validate the eBRC fields being certified by the exporter.