INCOME TAX
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023, has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023. The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023, is also extended to 30.11.2023.
RBI
The revised instructions contained in the ‘Draft Master Direction – Treatment of Willful Defaulters and Large Defaulters’ was published by the Reserve Bank of India on its website for comments from stakeholders and members of the public. The draft Master Direction expands the scope for Regulated Entities which can classify borrowers as willful defaulters, broadens the definition of willful default, refines the identification process and mandates a review and finalization on willful default aspects within six months of an account being classified as a non-performing asset. It also addresses the treatment of willful default loans sold to Assets Reconstruction Companies and their status under the Insolvency and Bankruptcy Code. Comments/ feedback from Regulated Entities and other stakeholders may be submitted by October 31, 2023, through email with the subject line ‘Feedback on Master Direction – Treatment of Willful Defaulters and Large Defaulters.’ The final Master Direction will be issued by the Reserve Bank after considering the feedback received.