Important Due Dates of the Month
⏺️07.02.2022 Challan No. ITNS- 281 January 2022 Payment of TDS/TCS deducted /collected in January 2022.
⏺️15.02.2022 Filing of Audit Report under section 44AB AY 2021-22 The due date for filing an audit report under section 44AB for the assessment year 2021-22 in the case of a corporate or non-corporate assessee
⏺️15.02.2022 PF/ESI January 2022 Due Date for the payment of PF & ESI contribution
⏺️11.02.2022 GSTR 1 January 2022 Taxpayers have an aggregate turnover of more than Rs. 5 Crores or opted to file Monthly Return
⏺️13.02.2022 GSTR 1 (IFF) January 2022 GST return for the taxpayers who opted for QRMP scheme (Optional)
⏺️20.02.2022 GSTR 3B January 2022 The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
⏺️28.02.2022 GSTR 9C FY 2020-21 Statement of Reconciliation under GST
⏺️15.02.2022 Form AOC 4 (CFS, XBRL, Non-XBRL) FY 2020-21 Form AOC 4 filing by Companies
⏺️28.02.2022 Form MGT 7/ 7A FY 2020-21 Form MGT 7A filing by Companies and One Person Company
⏺️The due date for filing the Return of Income for the Assessment Year 2021-22, which was originally 31st October 2021 under sub-section (1) of section 139 of the Act, now has been extended till 15.03.2022.
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CBDT issues Clarification regarding the Most-Favoured-Nation (MFN) clause in the Protocol to Indias DTAAs with certain countries.
GST module wise functionalities deployed on the GST Portal and webinars conducted/ Videos posted on our YouTube channel.
Supreme Court Grants Bail To Man Accused Of Evading GST To Extent Of ₹64 Crore. Paresh Nathalal Chauhan v. The State Of Gujarat & Anr.| Petition(s) for Special Leave to Appeal for Cannot Be Detained In Custody Indefinitely.
Reserve Bank will leave rates unchanged next week. Striking a different note from its peers, US brokerage Bank of America Securities has maintained that the recognising growth-focused and capex-driven fiscal expansion, which though poses huge price pressure and interest rate risks later.
Every offence punishable under N.I. Act. is compoundable: Case Name : Maheshsinh Babusinh Zala Vs State of Gujarat (Gujarat High Court) Appeal Number : R/Criminal Misc. Application No. 1046 of 2022 Date of Judgement/Order : 31/01/2022
FY23 Budget has proposed to introduce section 135AA in the customs act through the Finance Bill for “protection of data”. “If a person publishes any information relating to the value or classification or quantity of goods entered for export from India, or import into India, or the details of the exporter or importer of such goods under this Act, unless required so to do under any law for the time being in force, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to fifty thousand rupees, or with both.
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👉🏻CBIC to scale up departmental audits to boost GST compliance
CBIC is set to scale up scrutiny and departmental audits of risky taxpayers to improve GST collections while using data and technology to ensure that officials make decisions transparently)
👇🏻 👇🏻 👇🏻
https://bit.ly/3LhSjkE
👉🏻Around 6.17 Cr ITRs, 19 lakh TARs filed on the new e-Filing portal of IT Department
(Out of 6.17 Cr ITRs filed for AY 2021-22, 48% of these are ITR-1, 9% is ITR-2, 13% is ITR-3, 27% is ITR-4, ITR-5, ITR-6, and ITR-7. Over 1.73 lakh Form 3CA-3CD and 15.62 lakh Form 3CB-3CD have been filed in FY 2021-22)
👇🏻 👇🏻 👇🏻
https://bit.ly/3rxbX4a
👉🏻Updated Income Tax Return u/s 139(8A) And Tax on Updated Return u/s 140B
(Updated Income Tax Return u/s 139(8A) And Tax on Updated Return u/s 140B discussed by CA. Vivek Khurana)
👇🏻 👇🏻 👇🏻
https://youtu.be/HcgKnvgnPMA
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UAE announces introduction of corporate tax w.e.f. 1 June 2023: Top 10 Facts. With OECD adopting a minimum tax rate of 15%, UAE seems to have introduced Income Tax at an appropriate time, albeit at a lower rate.
Income Tax Addition is unsustainable if no incriminating material found during search. Case Name : DCIT Vs Mapsa Tapes Pvt. Ltd. (ITAT Delhi) Appeal Number : ITA. No. 3539/Del/2017.
Centre will move the issue of bringing aviation turbine fuel (ATF) under the GST net for discussion in the next meeting of the GST Council, Finance Minister said, while noting that rising global fuel prices are a “concern”.
Guwahati High Court denies pre-arrest bail to person accused of carrying coals without GST. Case Name : Faruk Alam Vs State of Assam (Guwahati High Court)
MCA is preparing to launch the third version of the MCA21 portal in March, starting with the LLP module. The third version of the portal, a key platform to submit the required documents and filings under the companies law and the Limited Liability Partnership Act, will leverage analytics, artificial intelligence and machine learning.
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⏺️Union Budget 2022: GST Input Tax Credit of any invoice or debit note of a financial year can now be claimed u/s 16(4) upto 30th Nov of the next financial year.
⏺️ Code of Ethics vis a vis statutory audit of Listed entities - It may be noted that pursuant to SEBI Notification No. LAD-NRO/GN/2009- 10/23/186926 dated 11th December, 2009, Statutory Audit of Listed Companies under the Companies Act, 2013 shall be done by only those auditors who have subjected themselves to the Peer Review process of the Institute, and hold a valid certificate issued by the Peer Review Board of the ICAI at the date of signing the financial statements of listed companies.
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👉🏻SEBI directs AMCs to form an audit committee from August
(SEBI asked asset management companies (AMCs) to form audit committees which will be responsible for oversight of the financial reporting process, audit process and compliance with laws and regulations, among others)
👇🏻 👇🏻 👇🏻
https://bit.ly/3JissY4
👉🏻Section 194R - TDS on Benefit or Perquisite in respect of Business or Profession
(Section 194R - TDS on Benefit or Perquisite in respect of Business or Profession discussed by CA. Vivek Khurana)
👇🏻 👇🏻 👇🏻
https://youtu.be/_gCL8nxvbWo
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ITATDelhi order dated 21/01/2022 where delayed deposit of Employeescontribution to PFand ESI was allowed. Presently in the Intimation received from CPC,Bangalore ,delayed deposit of PF and ESI was disallowed. However,the Tribunal is allowing the appeal in favour of the Assessee, on the groundthat 'Amendment by Finance Act,2021 'isapplicable Prospectively w.e.f 1st April,2021. (F.Y.2020-21).
Governmentexploring ways to levy GST on mining of cryptocurrenciesThe keyissue here is whether to treat the mining as goods or service. According toSubhash Chandra Garg Committee that proposed specific actions to be taken inrelation to virtual currencies (2019), “‘Mining’ means an activity aimed atcreating a cryptocurrency and/or validating a transaction of cryptocurrencybetween the buyer and seller of cryptocurrency.
Electronic Credit Ledger cannotremain blocked after expiry of period of 1 year. Case Name : K.Vinodhkumar VsCommissioner of GST and Central Excise (Madras High Court).
GST Council made rules further to amend the Jammu andKashmir Goods and Services Tax Rules, 2017,” read a notification issued by the Finance Department. As per notification, these amended rules will comeinto force on the date of publication of corresponding notification underCentral Goods and Services Tax Rules, 2017 in the Central Gazette.
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⏺️ MCA UPDATE
The filing of AOC -4, AOC-4 (CFS), AOC- 4 XBRL, AOC – 4 Non-XBRL up to 15.02. 2022 Without additional fee, if not filed till 15.02.2022. Late fee will be calculated from the date originally date on which forms were required to file. Late fee Rs. 100 per day.
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⏺️ CAG Empanelment - 2022-23
The CAG Empanelment process for 2022-23 has started. Last Date for online submission is 15th February, 2022
👉 The firms/LLPs will be required to submit a print out of the acknowledgement letter generated online and also hard copies of the documents in support of their online application to the CAG Office by 28th February, 2022
Visit http://care.cag.gov.in/Authorised/Default.aspx
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CBDT Chairman said the taxpayer would be permitted to file only one updated return for an assessment year. The intent of this provision is to help people who have genuinely missed out on filing his/her returns. To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.
Trust entitled for benefit of excess utilization of earlier years Editor6 | Income Tax - Case Name : Hapur Pilkhuwa Development Authority Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 4125/Del/2017 Date of Judgement/Order : 04/02/2022
Validity of addition u/s 68 when assessee has proved genuineness of transaction and AO possesses no adverse material against assessee. ITO Vs Cozy Footwear Pvt LtdITA No. 4284/Del/2017.
Revenue Secretary said Currently, a 5 per cent GST tax is levied on restaurant services, irrespective of whether it is air-conditioned or non-AC, without the benefit of the input tax credit (ITC). Also, restaurants in starred-hotels that charge Rs 7,500 or more per day room tariff will be levied 18 per cent GST but ITC is allowed for them. Those restaurants in hotels charging less than Rs 7,500 room tariff will charge five per cent GST but will not get ITC.
SEBI asked asset management companies (AMCs) to form audit committees which will be responsible for oversight of financial reporting process, audit process and compliance with laws and regulations, among others. The circular will come into force with effect from August 1, 2022.
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CBDT, in its letter dated 11.02.2022 to all PCCITs, PDGITs, CCITs & DGITs states that GAAR Secretariat has been set up in Delhi and all the references under section 144BA need to be sent directly to the GAAR Secretariat; The letter is in continuation of letter dated 07.04.2021, and states that by Department of Revenue’s Office Order dated 24.01.2022 an approving panel for GAAR references under section 144BA has been constituted.
Income Tax Dept. issue latest update for New E-filing Portal Income-tax Return. Around 6.2 crore ITRs & about 21 lakh major TARs filed on the new e-filing portal of ITD till 10th Feb, 2022. 2 new email ids- TAR.helpdesk@incometax.gov.in & ITR.helpdesk@incometax.gov.in have also been provided to assist filers for resolution of grievances related to e-filing.
No capital gains arises in the year in which an agreement to sell is entered into with buyer without possession being given to buyer, as there is no "transfer" within the meaning of section 2(47) as decided in the case of Godha Realtors (P.) Ltd. V/s ACIT by Hon’ble Bangalore Tribunal
Circular No. 4 of 2021-22 regarding date of filing of DVAT Returns for the quarter ending 31.12.2021 has been extended upto 28.02.2022.
MCA has issued Companies (Accounts) Amendment Rules, 2022. They shall come into force on the date of their publication in the Official Gazette. New e-Form CSR-2 introduced.
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🌺 New/Updated Peer Review Mandate
Firms Conducting Audits of Branches of Public Sector Banks Shall also be required to have Peer Review
👉 For full Details
https://www.icai.org/post/peer-review-mandate-roll-out
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👉🏻Over 6.2 cr ITRs, 21 lakh audit reports filed on new e-filing portal
(More than 6.2 Cr Income Tax Returns and about 21 lakh major Tax Audit Reports have been filed on the new e-Filing portal of the Income Tax as on 10th February 2022)
👇🏻 👇🏻 👇🏻
https://bit.ly/3sDuiMr
👉🏻Amendment of Section 194-IA - TDS on transfer of Certain Immovable Property
(Amendment of Section 194-IA - TDS on transfer of certain Immovable Property other than agricultural land discussed by CA. Vivek Khurana)
👇🏻 👇🏻 👇🏻
https://youtu.be/jN9R7iTCTq0
👉🏻Webinar on Registered Valuers - New Opportunities and Scope for Professionals
(On Sunday, 13th February, 2022 from 11:30 AM to 12:30 PM. No Fees)
👇🏻 👇🏻 👇🏻
https://youtu.be/qfy1h-TdUxI
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🌺 MCA mandates new filing in the form of report on corporate social responsibility
MCA has amended the Companies (Accounts) Rules, 2014 w.e.f. 11th February, 2022 to provide that every company covered under the provisions of CSR shall furnish a report on Corporate Social Responsibility in
Form CSR-2 to the Registrar for the preceding *financial year (2020-2021) and onwards as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be.
However, for the preceding financial year (2020-2021), Form CSR-2 shall be filed separately on or before 31st March 2022, after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be.
👉 Click here to view Rules: https://www.mca.gov.in/bin/dms/getdocument?mds=adQPpN3U8Y7Llcmy0C8FvA%253D%253D&type=open
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