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MOF - Submission on tech-related and procedural issues under Corporate Tax
MOF - Submission on tech-related and procedural issues under Corporate Tax

June 3, 2024

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We, along with the industry, held detailed discussions with the senior officials of Ministry of Finance on April 26 and 27, 2024 on key measures to improve ease of doing business under corporate taxes. Pursuant to the meeting, we have made a detailed submissions giving ssuggestions on tech-related and procedural issues under Corporate Tax.. These, inter-alia, include the following:

  1. Automatic adjustment of refund against outstanding tax demands under S. 245 of Income Tax Act, 1961
  2. Erroneous processing of tax returns under S. 143(1)(a) of IT Act
  3. Non availability of One-Time Password (OTP) on o􀆯icial email-id of non-resident while filing Form 10F
  4. Recommendations in relation to faceless assessments
  5. Requirement to issue and maintain TDS certificates
  6. Insertion of PAN and invoice column in Form 26AS, amongst others

We believe, implementing these measures will significantly improve ease of doing business and provide certainty to the industry. Please write to tejasvi@nasscom.in for more information.


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202405_CorporateTaxIssues_nasscomsubm.pdf

Tejasvi

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