REGULATORY UPDATES AS ON 29.03.2023
PAN-Aadhaar linking deadline extended till 30th June 2023: CBDT
The Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to 30th June 2023. CBDT has extended the deadline to link PAN with Aadhaar for the fifth time on Tuesday.
Aadhaar-PAN linking is not mandatory for these people.
The mandatory linking of Aadhaar with PAN does not apply to four categories.
1) Residents of the states of Assam, Meghalaya and UT Jammu and Kashmir.
2) Non-resident Indians (NRIs) as per the Income-tax Act, 1961.
3) Anyone who was of the age 80 years or more at any time during the previous year.
4) Individuals who are not a citizen of India.
Those who fall in any of the above categories, do not have to link their PAN with their Aadhaar by the deadline. However, if they want, they can voluntarily link the two documents. For other individuals, it is mandatory to link their Aadhaar with their PAN by the 30th of June deadline.
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SEBI introduces framework for scheme of arrangement by unlisted stock exchanges, clearing corporations, depositories.
SEBI vide Circular no. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2023/45 dated 28th March 2023 introduced a framework for ‘scheme of arrangement’ by unlisted stock exchanges, clearing corporations and depositories. A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors.
At present, there is no specific provision for unlisted Market Infrastructure Institutions (MIIs) – stock exchanges, clearing corporations and depositories – to file the draft scheme of arrangement with SEBI prior to filing the application before any court or tribunal.
Further, the process to be followed by unlisted MIIs in case of a scheme of arrangement is currently not specified. Under the new framework, SEBI said that unlisted MII desirous of undertaking a scheme of arrangement will have to file the draft scheme of arrangement along with a non-refundable fee with the regulator for obtaining the observation letter or no-objection letter before filing such a scheme with any court or tribunal.
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Both direct and indirect tax department employ data analytics, big data and AI/Machine Learning in tax administration to make it more effective.
The Government is using Data Analytics, Big Data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly. Data analytics is being used to identify fiscal risks, suspicious trends and patterns and risky entities in Customs and GST by leveraging big data. The Project ADVAIT (Advanced Analytics in Indirect Taxes) has been rolled out in 2021, as a flagship analytics project for Indirect Taxes, by Central Board for Indirect Taxes and Customs (CBIC).
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