CBDT provides partial relief to the non-resident assessees who do not secure PAN through the electronic filing of Form 10F until March 2023. The filing of the same form would require the order to claim the advantages of the Double Taxation Avoidance Agreements (DTAA).
For claiming the advantages a non-resident assessee is required to furnish the tax residency certificate (TRC). NR assessees would need to provide the other documents along with the details in Form 10F if some specified information would not be present in the TRC. For finding the withholding tax implications Form 10F would be signed via non-resident assessees in a physical way and filed with the tax residency certificate to the resident taxpayers.
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CBDT mentioned that “With a view to mitigating genuine hardship to such taxpayers, it has been decided by the competent authority that such category of non-resident taxpayers who are not having a PAN and not required to have a PAN as per relevant provisions of the Income-tax Act, 1961, read are exempted from mandatory electronic filing of form until March 31, 2023,”
The board, these assessees might furnish form 10F till 31st March 2023 through the manual way.
Form 10F is mandated by the government for filing electronically which needs the non-resident to obtain a PAN card.
On July 1, 2022, a new payment system TIN 2.0 was incorporated into the e-filing portal. At present more than 10 banks are live on the e-filing portal for e-pay tax services. Till November 30, 2022, 7,06,007 challans standing at Rs. 45,357.57 crores were received on TIN 2.0.
The net direct tax collection has increased to 24.26% year on year i.e Rs 8.77 lakh cr till November 11 in the present fiscal year 2022-23. This is 61.79% of the total budget estimate of direct taxes for the Fiscal year 2023.
“Steady growth in Direct Tax collections! Net collection in FY 2022-23 is 24.26 per cent higher than the net collection for the corresponding period of the preceding year. 61.79 per cent of Budget Estimates for FY 2022-23 already achieved,” the finance ministry mentioned in a tweet.
Between the period of April 1 and November 1 current year, the ministry would be mentioned that refunds that amount to Rs 2.15 lakh cr would be furnished, which accounts for 66.92% more compared to the refunds in the identical duration in the former year.
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“Speedy issue of Refunds! 66.92 per cent higher refunds issued up to 30th Nov. 2022 during FY 2022-23 compared to the corresponding period in 2021. Refunds amounting to Rs 2.15 lakh crore issued between 1st April 2022 to 30th November 2022,” the finance ministry articulated.
