The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year.
A taxpayer can submit online feedback if the information is erroneous or refers to another person/year, or is duplicate Here’s the list of Top 50 Transactions to be reported in the New Annual Information Statement.
Salary : Employer submits detailed breakup of salary, perquisites, profits in lieu of salary etc paid to the employee in Annexure II of the TDS statement (24Q) of the last quarter.
Rent Received : Tenants responsible for paying rent are liable to deduct tax at source on payment of rent.
Dividends : Dividend paid/declared by all companies (reporting entity) is reported under Statement of Financial Transactions (SFT).
Interest from savings bank :
Interest from deposit
Interest from others
Interest from income tax refund
Rent on plant & machinery
Winnings from lottery or crossword puzzle
Winnings from horse race
Receipt of accumulated balance of PF from employer u/s 111
Interest from infrastructure debt fund
Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa)
Interest on bonds and government securities
Income in respect of units of non-resident u/s 115A(1)(a)(iiab)
Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC.
Income of foreign institutional investors from securities u/s 115AD(1)(i)
Insurance commission.
Receipts from life insurance policy
Withdrawal of deposits under national savings scheme
Receipt of commission etc. on sale of lottery tickets
Income from investment in securitization trust
Income on account of repurchase of units by MF/UTI
Interest or dividend or other sums payable to government
Payment to non-resident sportsmen or sports association u/s 115BBA
Sale of land or building.
Receipts from transfer of immovable property
Sale of vehicle
Sale of securities and units of mutual fund
Off market debit transactions
Off market credit transactions
Business receipts
Business expenses
Rent payments
Miscellaneous payments
Cash deposits in Bank
Cash withdrawals from Bank C/A.
Cash payments : Information pertaining to Cash payments for goods and services is reported by the reporting entity in form 61A.
Outward foreign remittance/purchase of foreign currency
Receipt of foreign remittance
Foreign travel : Information is reported by deductor in TCS form 27EQ (quarterly statement).
Purchase of immovable property : Information relating to immovable property is reported by the Property
Registrar through SFT.
Purchase of vehicle: Information is reported by deductor in TCS form 27EQ (quarterly statement).
Purchase of time deposits
Purchase of securities and units of mutual funds
Credit/Debit card
Balance in account : Details of bank account other than saving and time deposits opened during the year , as reported in Form 61.
Income distributed by business trust
Income distributed by investment fund
So now the income-tax department knows more about you & you have to be very careful in the next ITR filing plus proper records to be maintained by all for the above list of items as anytime the department will ask about it.
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MULTIPLE ADVERSE & SERIOUS CONSEQUENCES OF TDS DEFAULTS
1️⃣ Tax Deduction At Source (TDS) is one such thing on which Income tax law provisions are quite harsh.
2️⃣ Non deduction of TDS entails several consequences such as, assessee is liable to be held as “assessee in default” meaning thereby TDS can be recovered from him, Interest @ 12%p.a. is mandatorily leviable on such non- deducted TDS, penalty u/s 221 can be levied which can be any amount upto the amount of TDS default, another penalty u/s 271C can also be imposed which is equal to the amount of TDS default.
3️⃣ Further 30% of such amount on which TDS default has happened would be added to business or professional income if such amount is sought to be claimed as expense against business or professional income meaning that TDS defaulter assessee would have to pay tax also accordingly.
4️⃣ In case, TDS though deducted but not paid or short paid or even not paid in time, has got one very serious consequence in the form of prosecution u/ s 276B with minimum rigorous imprisonment of 3 months to 7 years with Fine.
5️⃣ One such case has been reported today in all leading newspapers where one Session Court at Mumbai has confirmed the conviction to TDS defaulter Assessees. Though restricted defence is available in law but our humble advice is that default should be avoided & proper care needs to be exercised in the matter of TDS in the face of severe consequences.
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✅ EXTENSION of ROC Filing*
Relaxation on levy of additional fees
⏺️Filing of e-forms upto 15.02.2022
AOC-4,
AOC-4 (CFS),
AOC-4 XBRL
AOC-4 Non-XBRL
⏺️Filing of e-forms upto 28.02.2022
MGT-7/MGT-7A
⏺️ No extension for
1) LLP FORMS
2) ADT -1
3) regularisation of Directors and AGM procedures
✅ GST Council finalised deferment of hike in GST rates on Textiles & footwear below Rs1000 on 31st December
✅ GST Extension:
The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021.
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The CBDT after notifying revised faceless appeal scheme on 28th December, 2021, today ( 30th December,2021 ) issued guidelines for seeking out of turn/ early hearing of appeals before CIT (A) . As per these guidelines cases with demand of more than Rs 1 Cr , cases with original refund claim in excess of Rs 1 lakh, cases where direction of early hearing has been given by Courts, cases where request is made by Sr Citizens and also other genuine hardship can be considered and taken up for out of turn / early hearing. Application/ request to be made to PCIT on whose recommendation PCCIT will consider and give approval.
Regards
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CHANGES IN HSN CODES AS PER HS-2022 w.e.f 01.01.2022
1️⃣ The WCO has announced the New (Seventh) edition of HSN - HS-2022 w.e.f 01.01.2022.
2️⃣ India being party to HS Convention will also align its First Schedule of Customs Tariff Act with HS-2022. The necessary changes required were already in placed in the Finance Act, 2021.
3️⃣ The new HS-2022 have around 351 amendments at 6 Digit level. whereas India follows 8 digit classification.
4️⃣ In order to ease the transition for Exporter and Import and making the co-relation between HS2021 and HS2022 at 8-digit level, Customs have provided a correlation document(at 8 digit level).
5️⃣ The Correlation document can be accessed on the CBIC Website at the link below:
https://www.cbic.gov.in/resources//htdocs-cbec/deptt_offcr/Guidance%20Document%20on%20Correlation%20of%20Customs%20Tariff%20between%202021%20and%202022.pdf
6️⃣ The Document provides - Annexure I which provides the coding and Annexure II which shows the HS code of both versions 2021 and 2022 along with the "correlation code".
The "Correlation code" is provided at each 8 digit entry to provide clear meaning and the change happened in HS-2022.
7️⃣ Exporter / Importers are requested to get their HS codes aligned with HS-2022 for their transactions w.e.f 01.01.2022.
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CBDT after notifying revised faceless appeal scheme on 28th December, 2021, yesterday ( 30th December,2021 ) issued guidelines for seeking out of turn/ early hearing of appeals before CIT (A) . As per these guidelines cases with demand of more than Rs 1 Cr , cases with original refund claim in excess of Rs 1 lakh, cases where direction of early hearing has been given by Courts, cases where request is made by Sr Citizens and also other genuine hardship can be considered and taken up for out of turn / early hearing. Application/ request to be made to PCIT on whose recommendation PCCIT will consider and give approval.
Revised faceless CIT Appeal Scheme notified . As per new scheme a personal hearing through Video Conference can be requested and when request is made the same shall be allowed . No discretion with the CIT (A ) to refuse such request of oral hearing through VC. The relevant part of scheme reads as under:-
No personal appearance in the Centers or Units.––(1) A person shall not be required to appear either personally or through an authorized representative in connection with any proceedings under this Scheme before the income-tax authority at the National Faceless Appeal Center or appeal unit set up under this Scheme.
The appellant or his authorized representative, as the case may be, may request for personal hearing so as to make his oral submissions or present his case before the Commissioner (Appeals), through the National Faceless Appeal Center, under this Scheme.
The concerned Commissioner (Appeals) shall allow the request for personal hearing and communicate the date and time of hearing to the appellant through the National Faceless Appeal Center.
Such hearing shall be conducted through video conferencing or video telephony, including use of any telecommunication application software which supports video conferencing or video telephony, to the extent technologically feasible, in accordance with the procedure.
Income Tax One-time relaxation for verification of all ITR e-filed for the Assessment Year 2020-21 Verification can be done till 28/02/2022.
Processing u/s 143(1) will be done till 30/06/2022.
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