๐บ Budget updates - Direct Tax
๐ซ - Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY
๐ซ- Reduced AMT rates for Co-operatives from 18.5% to 15%
๐ซ- Reduced surcharge for Co-operatives with total income of 1cr to 10Cr
๐ซ- Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years
๐- Deduction for National Pension Scheme for State Government employees u.s 80CCC made at par with Central Govt.
๐- Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks
๐- Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)
๐ - Virtual digital assets (Cryptocurrency):
Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than cost of acquisition; No set off of losses
๐ TDS @ 1% on consideration above specific threshold
๐ Gift to be taxed u.s 56(2)(x)
๐- No repetitive appeals for common question of laws
๐- Off-shore banking units/ IFSC income to be provided exemptions
๐- Surcharge of certain AOPs to be capped at 15%
๐- Surcharge on Long Term Capital Gains on any assets to be capped at 15%
๐- Health and education cess not allowable as business expenditure u/s 37
๐ No set off of losses against undisclosed income detected during search
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CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 30th April, 2022.
Income Tax Deptt calls on foreign bank account holders; notices, summons issued in past 10 days to marked persons who once spotted with secret foreign bank accounts are in for the long haul, with the past returning to haunt them just when they believed their run-ins with the taxman were over for good.
Income Tax Search and Seizure: Declaration of undisclosed income to “buy peace” does not renders an assessee immunity from initiation and levy of penalty.
Expenditure on foreign education of director's son- Since there is nexus between the expenses incurred on the higher education of the son of the director of the assessee company and the business of the company as he has later joined the services of the assessee-company and is discharging the duties as CEO. The expenditure incurred is to be allowed as deduction. (Favour of Assessee) Lumino Indusries Ltd. & ORS. Vs. ACIT, 17thNov. 2021 ( ITAT-Kolkata)
National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the Mumbai bench of the NCLT, which had directed the administrator of the debt-ridden DHFL to put the second settlement proposal by erstwhile promoter Kapil Wadhwan before its lenders for consideration.
FRN will be Compulsory Field for UDIN Generation from 1st February 2022. This will enable Firms to Know the UDIN Generated by the Partners on Behalf of Firm.
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✍️ Key Highlights : Budget 2022
๐ GDP growth for FY 22 expected to be 9.2%, the highest for any large economy.
๐ PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs , additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
๐Promoting Fintech and digital economy a focus area for this Budget.
๐ 75 digital banking systems in 75 districts by scheduled commercial banks.
๐ IBC to be amended to improve efficiency of resolution process including cross border.
๐ Core Banking Services to start in Post offices
๐ PM Gati-shakti masterplan Has scope to enhance Multimodal communication through 7 engines, 2000 km of rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.
๐Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode
๐ ECLGS (Emergency Credit Line Guarantee Scheme) to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore
๐ 8 million new dwelling in rural, urban areas to be completed under PM Awas yojana
๐ Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.
๐ Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs.
๐ Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra
๐ New provision to file updated return within 2 years of relevant assessment year.
๐ Alternate minimum tax for cooperative societies down from 18.5% to 15%
๐ Tax deduction limis for state govt employees to NPS raised from 10% to 14%
๐ Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%
๐ Tax exemption to start-ups extended to March 2023.
๐ Gross GST collection for January 2022 at a record Rs 1.41 trillion
๐ No change in income tax slab.
๐ Electric Vehicles battery-swapping policy to be brought out with interoperability standards.
๐Concessional duty on import of capital goods to be phased out.
๐ Duty on unpolished diamonds to be reduced to 5%
๐Customs duty on steel scrap extended by a year
๐RBI led digital rupee using blockchain to be launched in FY23, 1% TDS on transfer of virtual digital assets & income to be taxed at 30%
๐ 68% of capital outlay for Domestic defence industry.
๐Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23
๐ Total expenditure in FY23 estimated at Rs 39.45 trillion ; total resources mobilisation to be Rs 22.84 trillion other than borrowing.
๐บ Budget - 2022
๐ 1. Budget 2022 to focus on 4 pillars - productivity, climate action, financing investments & PM Gati Shakti plan. FY22 Economic growth pegged at 9.2 percent.
๐ 2. Promoting Digital Eco & Fintech amongst focused areas of Government.
๐ 3. Expansion of highways by 25,000 kms & 'Gati Shakti' Master Plan among top priorities. To raise 20,000 cr thru innovative financing. PM Gati Shakti is a transformative approach, driven by roads, railways, ports, airports, mass transport, waterways and logistics infrastructure. All seven engines will pull the economy forward in unison, says FM.
๐ 4. Contracts for 4 multimodal logistics parks in PPP mode will be awarded in 2022-23. To boost cargo logistics, multimodal connectivity
๐ซ 5. 400 new `Vande Bharat trains to be launched.
๐ 6. Hospitality & related services esp micro & small units are yet to reach the pre-pandemic level of biz. Hence #ECLGS will be extended upto March 2023 & its guarantee cover will be expanded by Rs.50K crore to a total cover of Rs.5 lakh crore
๐ 7. FM says that India to promote startups for Drone Making. Good For Zen Technologies
๐ 8. National tele mental health program to be launched with network of 23 tele mental health centres of excellence with NIMHANS being nodal centre and IIIT Bangalore providing tech support
๐ 9. 5G spectrum auctions to be carried out in calendar 2022 to enable launch of services within FY22-23. Scheme for design led manufacturing will be launched for 5G as part of PLI. To boost rural broadband. All villages should have same access to eServices and digital resources as urban areas
๐ 10. Will set up digital university for providing access to schools
๐ฅฅ 11. The implementation of Rs 44,605-crore Ken-Betwa link project will be taken up with an aim of provide irrigation benefits to 9 lakh hectare of agriculture lands
๐ซ 12. To award 8 ropeway projects in FY23
๐ฅ 13. A fund with blended capital raised under the co-investment model will be facilitated via #NABARD to finance startups for agri & rural enterprises relevant for farm produce value chains.
๐ถ️ 14. To spend 64,000 cr on providing drinking water on tap. Nal sey Jal yojana
๐ฅ 15. ePassports will be rolled out in 2022-23 for convenience in overseas travel
๐ 16. Battery swapping policy will be brought out. The best thing for EVs
๐ฝ 17. Scope of single-window portal for all green clearances will be expanded
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18. 1.5 lakh post offices to be connected to core banking. Net Banking, mobile banking, ATMs to connect Post office accounts and bank accounts. Will help farmers and senior citizens and enable inclusion
๐ 19. 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana
๐ซ 20. With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched
๐ฅ 21. 75 digital banking units in 75 districts
๐ฐ 22. An open platform for National Digital Health Ecosystem will be rolled out
๐ง 23. Necessary amendments in IBC to be made for more efficient resolution; to also enable cross border insolvency resolution
๐ 24. Special economic zone policy to be replaced with a new legislation. States will be made partners. Looking to take the States along
๐ 25. Solar power - addl Rs 19,500 crore PLI for making high-efficiency modules to facilitate 280 GW installed capacity by 2030.
๐ 26. To reduce indirect cost for suppliers and work contractors the use of surety bonds as a substitute for bank guarantee will be made acceptable in government procurements. IRDAI has given the framework for issue of surety bonds by insurance companies.
๐ 27. Task force for the promotion of AVGC will be set up; to employ youth in the visuals & animation sector
๐ 28. UDYAM, e-SHRAM, National Career Service (NCS), ASEEM portals to be interlinked, scope widened.
๐ซ 29. Financial support will be provided to farmers wanting to take up Agro-Forestry
๐ 30. Sovereign green bonds to be issued; proceeds will be deployed in public sector projects.
๐ 31. Govt committed to reducing imports and promoting atmanirbharta in equipment of the armed forces. 68% of capital procurement budget will be for earmarked for domestic industry, up from 58% in 2021-22. Defence R&D to be opened up to pvt industry.
๐ฅ 32. Outlay for capital expenditure stepped up by 35.4% to Rs 7.50 lk cr in FY23 from Rs 5.54 lk cr in Fy22; 2.9% of GDP . Public expenditure needed to pump prime demand and crowd in private investment.
๐ซ 33. RBI to introduce Digital Rupee using blockchain and other technology. Introduction of digital rupee to be issued by RBI starting FY23
๐ซ 34. To setup an expert committee to examine holistic regulatory framework for VCs, PEs and look at areas of friction
๐ซ 35. Provisions have been made for payment of 75% of running bills mandatorily within 10 days and for encouraging settlement of disputes through conciliation. To increase transparency and to reduce payment delays, a completely paperless end-to-end online e-bill system will be launched for use by all Central ministries for their procurements
๐ 36. Reduced MAT for cooperatives. Rate to be reduced to 15% in order to be on the same level as companies
๐ 37. Income Tax payers will now be allowed to file an updated return within two years from the end of relevant assessment year.
๐ 38. Tax Deduction limit for state govt employees to NPS raised to 14% from 10%
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39. 30% Taxation on virtual digital assets. No deduction. No loss can be offset against any other income. Crypto, Bitcoin. Gift of virtual digital asset will be taxed at the hand of the recipient. 1% TDS on payments made on transfer of digital assets.
๐ 40. Incentives for startups: period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier 2023
๐ 41. Surcharge on LTCG capped at 15%.
๐ 42. Propose to cap surcharge for AOPs at 15%.
๐ถ️ 43. No more changes in Direct Taxes. Slabs remain same
๐ฝ 44. Customs duty on import of imitation jewellery. Customs duty on diamond and precious stones reduced to 5% . Big Rationalisation of custom rates continues. More than 350 exemption entries are being phased out. Includes certain agri produces, chemicals, med devices, drugs etc. Customs duty on Steel Scrap extended by one year. Duty on umbrellas raised to 20%. Nothing on Tobacco. Keep a watch on ITC
๐ฅ 45. PwD individuals would be able to get annuity and lumpsum amount payment during the lifetime of the parent/guardian upon attaining the age of 16 years
๐ฅ 46. Draft Detailed Project Report for 5 river links have been finalised', says FM
๐ 47. National tele-medicine programme to be launched.
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The MCA issued an Update dated February 01, 2022 w.r.t. launching a new way of e-filing for Limited Liability Partnership (“LLP”) on MCA21 portal.
In our continuous endeavor to serve you better, the Ministry of Corporate Affairs is launching a new way of e-filing for LLP on MCA21 portal. All LLP filings going forward will be web based. This application is proposed to be launched on March 06, 2022 at 12:00 AM. To facilitate this implementation stakeholders are advised to plan as per the following:
a. LLP e-Filings on MCA21 portal will be disabled from February 25, 2022 12:00 AM. All stakeholders are advised to ensure that there are no SRNs in pending payment status.
b. Offline payments for LLP using Bank Challan and Pay later option would be stopped from February 19, 2022 12:00 AM. Please note that during February 19, 2022 12:00 AM to February 25, 2022 12:00 AM, payments for LLP will be accepted only through online mode (Credit/Debit Card and Net Banking).
c. DSC association and new user registration on MCA21 portal will be stopped on February 25, 2022 12:00 AM. These services will resume in new application with LLP launch.
d. Please note that there will not any interruption in filling of Company forms.
Source from: https://www.mca.gov.in/content/mca/global/en/notifications-tender/news-updates/updates.html
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๐บ LLP Update
The Ministry of Corporate Affairs is Launching a New Way of Web Based e-filing for LLP on MCA21 Portal from6th Mar 2022 at 12:00 AM
๐ฝ To Facilitate this Implementation Stakeholders are Advised to Plan as per the following:
๐ a. LLP e-Filings on MCA21 Portal will be Disabled from 25th Feb 2022 12:00 AM.
๐ b. All stakeholders are advised to ensure that there are no SRNs in pending payment status.
๐งญ c. Offline payments for LLP using Bank Challan and Pay later option would be stopped from 19th Feb 2022 12:00 AM.
๐ฎ d. Please note that during 19th Feb 2022 12:00 AM to 25th Feb 2022 12:00 AM, payments for LLP will be accepted only through online mode (Credit/Debit Card and Net Banking).
๐ซ e. DSC association and new user registration on MCA21 portal will be stopped on 25th Feb 2022 12:00 AM
๐ f. These services will resume in new application with LLP launch.
๐ g. Please note that there will not any interruption in filling of Company
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๐๐ปSEBI lays guidelines for MFs with respect to Ind AS
(Sebi has amended mutual fund rules which mandated AMCs to prepare the financial statements and accounts of the mutual fund schemes in accordance with Ind AS)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/3Gt61gW
๐๐ปTDS Rates applicable for Financial Year 2022-23 / Assessment Year 2023-24 and other provisions
(TDS Rates applicable for Financial Year 2022-23 / Assessment Year 2023-24 and other provisions)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/34Aj7f0
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