UPDATES

 

 1. CBDT extends the last date for linking PAN and Aadhaar Jun 30, 2023 to provide some more time to the taxpayers but with conditions. 2. Bombay High Court quashed assessment order passed merely on Change of Opinion. Case Law Details Case Name : Lehman Brothers Investments Pte.Ltd. Vs ACIT.  3. India’s net direct tax collections growth, which stood at about 17% for this year by early March, is expected to moderate to 15% for the full financial year 2022-23. The government’s net receipts from direct taxes had grown about 49% in 2021-22 to almost ₹14.09 lakh crore. 4. Based on the recommendation of the GST council in its 49th meeting, held on 18th February, 2023, with effect from the 1st March, 2023, 5% GST rate has been notified on Rab, when sold in pre- packaged and labelled, and Nil GST, when sold in other than pre- packaged and labelled. 5. Reserve Bank of India is expected to pause their interest rate hike and the current 6.5 per cent repo rate could be the terminal rate for now, said SBI Research in its latest Ecowrap report. 6. ICAI has launched “Know Your Member (KYM)”  Form which is to be filed annually through the Self-Service Portal (SSP) of the ICAI. The procedure to submit the KYM Form is as under: Login In Self Service Portal --- Member Functions --- KYM Form.  Dr.Raj Chawla.