1. Companies are set to get alerts and showcause notices from the Registrar of Companies (RoC) whenever they default on a statutory filing obligation.

2. CBDT amends Rule 17 & Form 10 providing accumulation of income by entity approved u/s 10(23C) Notification No. 96/2022, dated 17-08-2022. Under the provisions of the Income-tax Act, trust or institution is required to apply 85% of its income during any previous year. If it is not able to apply 85% of its income during the previous year, it can accumulate such income for a period not exceeding 5 years.

3. Finance Act 2022 had inserted a new Explanation 3 to the third proviso of Section 10(23C) to provide for accumulation-related conditions similar to Section 11. To incorporate such change, the CBDT has amended Rule 17 which provides for furnishing of Forms for the accumulation of income

4. CBDT notified forms for updated returns for those taxpayers who missed to report correct particulars of Income for previous two assessment years. While the ITR-U allows the taxpayers to be compliant by rectifying mistakes, it does not allow taxpayers to file for refund of taxes or reduction of total income.

5. Allahabad High Court has quashed order u/s 147, Notice u/s 148 and consequential reassessment proceedings for AY 2017-18 for violation of principle of natural justice by imposing cost Rs. 50,00,000/- on erreing Revenue Officers and by giving certain directions to CBDT to put the faceless assessment mechanism in place in such a manner that no harassment is faced by general public and assesses and accountability is fixed on erring officers.

6. TDS: Payment of interest on late deposit of TDS is not allowable as deduction: Delhi ITAT

7. Companies Act: Govt modifies Companies (Accounts) Rules, 2014; mandates companies to keep the back-up of books of account on daily basis.