MM TAX CLUB

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Karnataka Urban Water Supply and Drainage Board’ (PAN: AAATK5837F), a Board constituted under the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974), in respect of the following specified income arising to that Board, namely:

1. Establishment, administrative, supervision, water charges and rent collected as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974);
2.  Forfeiture of earnest money deposit as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974);
3. Penalty, Sale of Scrap, Storage charges and Survey charges as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974) and
4. Interest earned on bank deposits

2. This notification shall be effective subject to the conditions that Karnataka Urban Water Supply and Drainage Board-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for assessment years 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023, respectively.

[Notification No. 26/2024/F. No. 300196/12/2019-ITA-I]

—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Uttar Pradesh Real Estate Regulatory Authority’ (PAN AAAGU0671E), an Authority constituted by the State Government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely:-

1. Amount received as Grant-in-aid or loan/advance from Government;
2. Fee/penalty received from builders/developers, agents or any other stakeholders as per the provisions of the Real Estate (Regulation and Development) Act, 2016;
3. Fee received under Right to Information Act, 2005; and
4. Interest earned on bank deposits.

2. This notification shall be effective subject to the conditions that Uttar Pradesh Real Estate Regulatory Authority,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the assessment years 2021-2022, 2022-2023 and 2023-2024 relevant for financial years 2020-2021, 2021-2022 and 2022-2023, respectively

[Notification No. 25/2024/F. No. 300196/17/2021-ITA-I]

The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of Rs. 5,49,00,000 (rupees five crore forty nine lakh) on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA read with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules) issued thereunder and applicable guidelines and advisories issued by the Director FIU-IND.

FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling. Further, the money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd.

In furtherance of the above and upon scrutiny of the documents on record, FIU IND issued a compliance Show Cause Notice to the bank for its violations of (i)          Rules 7(3) and 2(1)(g), PML Rules; (ii) violation of Rule 8(2) read with Rule 3(1)(D) and Rule 2(1)(g); (iii) violation of Rule 9(12), PML Rules; and (iv) violation of Rule 9(14) in terms of AML / CFT / KYC safeguards in respect of Payout services; and AML / CFT / KYC in respect of beneficiary accounts.

After considering the written and oral submissions of the Paytm Payments Bank Ltd, Director, FIU-IND, based on the voluminous material available on record, found that the charges against Paytm were substantiated. Consequently, vide order dated March 1^st, 2024 in exercise of his powers under Section 13, PMLA, it was found to be appropriate to impose a penalty of Rs. 5,49,00,000.

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually launched seven infrastructure projects worth over Rs. 1,000 crore from New Delhi, today.

The launch was also attended by Shri Sanjay Malhotra, Secretary, Department of Revenue (DoR), Ministry of Finance (MoF); Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), MoF; Shri Nitin Gupta, Chairman, Central Board of Direct Taxes (CBDT); DoR; Shri Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC); Shri M.P. Tangirala, Add. Secretary, DFS; Shri Dinesh Khara, Chairman, State Bank of India (SBI); and senior officials of Ministry of Finance.

In her address on the occasion, Smt. Sitharaman stated that it is important to ensure that projects planned and completed without delays and the Department concerned should ensure that construction begins on time and that the projects are completed within the given time frame.

The Union Finance Minister also said that the projects like these renew confidence and boosts morale of the officials that the Government continues to provide for their welfare and well-being.

Smt. Sitharaman further exhorted the officials to perform their duties diligently towards nation-building in Amrit Kaal.

In his address on the occasion, Shri Nitin Gupta, Chairman, CBDT, said that the new buildings will be state-of-the-art and modern as per the green building norms and conform to the latest GRIHA 3 parameters (Green Rating for Integrated Habitat Assessment). They will also have common facilities like shops, control room for CCTV & security, community hall, Yoga/Gym/Fitness centre and recreational room, etc. The building complex shall be equipped with EV charging points, solar power plant, sewage treatment plant, rainwater harvesting, green area for children and elders.

Smt. Sitharaman also laid the foundation stone of the Residential Complex at Sector-53, Gurugram, comprising 214 quarters of Type-II to VI for providing adequate residential houses for the officers and officials of the Income Tax Department.

For the Central Board of Indirect taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, the Union Finance Minister inaugurated the Departmental Residential Complex comprising 256 quarters of Type-IV, V and VI, for the officers of CBIC at Sector-9, Dwarka, New Delhi, providing for adequate residential houses for the middle and senior level officers of the Department.

For the Department of Financial Services (DFS), Ministry of Finance, the Union Finance Minister inaugurated State Bank of India’s new local head office building; Life Insurance Corporation of India’s International Business Centre building; and Canara Bank’s IFSC Banking Unit at GIFT City, Gandhinagar, Gujarat; followed by the inauguration of the new head office building of United India Insurance Company Ltd., at Chennai. These infrastructure initiatives will give a fillip to business activities in GIFT City, and provide a state-of-the art headquarters building for United India Insurance Company for providing better customer services.

Earlier, Dr. Vivek Joshi welcomed the dignitaries gave details of the scope of the projects under inauguration today.

It has been brought to the notice of the Central Board of Direct Taxes (,Board') that due to certain technical issues or for other reasons not attributable to the asses sees concerned, several returns for assessment year (AY) 2021-22, which were otherwise filed validly under section 139 or 142 or 119 of the Income tax Act, 1961 ('Act') could not be processed under sub-section (1) of section 143 of the Act. Consequently, intimation regarding processing of such returns could not be sent within the timeframe prescribed under sub-section (1) of section 143 of the Act. This has led to a situation where the taxpayers are unable to get their legitimate refund in accordance with provisions of the Act, although the delay is not attributable to them.

2. The matter has been considered by Board. To mitigate genuine hardship being faced by the taxpayers on this issue, Board, by virtue of its powers under section 119 of the Act, hereby relaxes the time-frame prescribed in second proviso to sub-section (1) of section 143 and directs that all returns of income validly filed electronically for AY 2021-22 with refund claims, for which date of sending intimation under sub-section (1) of section 143 of the Act has lapsed, subject to the exceptions mentioned in para 4 below, can be processed now with prior administrative approval of Pr.CCIT/CCIT concerned. The intimation of such processing under sub-section (1) of section 143 of the Act can be sent to the assessee concerned by 30.04.2024.

3. All subsequent effects under the Act including issue of refund shall also follow as per the prescribed procedures. To ensure adequate safeguards, it has been decided that once administrative approval is accorded by the Pr.CCIT/CCIT, the Pr.CIT/CIT concerned would make a reference to the DGIT (Systems) to provide necessary enablement to the Assessing Officer on a case to case basis. The . progress of disposal of such cases shall be monitored by the Pr.CIT/CIT concerned.

The relaxation accorded above shall not be applicable to the following returns:

a) returns selected in scrutiny;

 b) returns remaining unprocessed, where either demand is shown as payable in the retUl11 or is likely to arise after processing it;

c) returns remaining unprocessed for any reason attributable to the assessee.

 5. This may be brought to the notice of all for necessary compliance.

 6. Hindi version to follow.