CBDT has notified new income tax return forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR- 4, ITR-5, ITR-6, ITR-V and ITR- Ack, for the Financial Year 2021-22 [Assessment Year 2022-23], the ministry of finance said in a release on 1 April 2022.
CBDT notifies Section 206C(1G) [TDS on remittance through LRS exceeding 7 lakhs or overseas tour package] not to apply to individuals visiting India who are non-residents as per Section 6(1)/(1A).
GST income for the month of March was Rs. 1,42,095 crore, with CGST of Rs. 25,830 crore, SGST of Rs. 32,378 crore, IGST of Rs. 74,470 crore (including Rs. 39,131 crore collected on import of goods), and cess of Rs. 9,417 crore (including Rs. 981 crore collected on import of goods). The gross GST collection in March 2022 set a new record, surpassing the previous high of Rs. 1,40,986 crore set in January 2022.
Wef (1.4.22), issue E-invoice if turnover exceeds 20 cr in any year from 2017-18. Accounts Software with Audit Trail for Cos postponed to 1.4.2023.
Extension/ Deferment of the following Due dates:
Implementation of Audit Trail software now shall be applicable from FY commencing on or after April 1, 2023.
CSR-2 extended upto May 31, 2022.
CBDT issued Circular No. 08/2022 dated March 31, 2022 regarding the extension of timeline for electronic filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 to 30 September,2022.
DGFT issued Notification No. 64/2015-2020 dated March 31, 2022 to extend the validity of the existing Foreign Trade Policy (“FTP”) 2015-2020 till September 30, 2022 from March 31, 2022.
DGFT issued Public Notice No. 53/2015-2020 dated March 31, 2022 to extend the validity of the existing Hand Book of Procedures (“HBP”), 2015-20 till September 30, 2022.
National Credit Guarantee Trustee Company Limited (NCGTC) extended the Emergency Credit Line Guarantee Scheme (ECLGS) beyond March 2022, till March 2023.
Applicability of below mentioned provisions further deferred till 30/09/22 by the ICAI:
Responding to Non-Compliance with Laws and Regulations (NOCLAR) [S. 260 & 360]
Fees-Relative Size [Para 410.3 to R410.6]
Tax Services to Audit Clients [S 604]
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GST Due Date of the Month April
• 18/04/2022
a. Due Date of CMP-08 for tax period January-March Quarter 2022
• 20/04/2022
a. GST monthly return for the month of March, 2022 (GSTR 3B) having turnover of above Rs.5
crores in the previous financial year
b. GST Monthly return for the month of March, 2022 (GSTR 5) for Non‐resident Foreign Tax
Payers.
c. GST Monthly return for the month of March, 2022 (GSTR 5A) for NRI Taxpayer & OIDAR service
provider.
• 22/04/2022
a. GST monthly return for the month of March, 2022 (GSTR 3B) for taxpayers having turnover of
up to Rs.5 crore in the previous financial year and principal place of business in some
specified 15 states.
States: ‐ Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra,
Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands,
Telangana and Andhra Pradesh
24/04/2022
a. GST monthly return for the month of March, 2021 (GSTR 3B) for taxpayers having turnover of
up to Rs.5 crore in the previous financial year and principal place of business in other
category of specified 22 states.
States: ‐ J&K, Ladakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi,
Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura,
Meghalaya, Assam, West Bengal, Jharkhand and Odisha
• 25/04/2022
a. Date of ITC-04 for the period October-March 2022
• 30/04/2022
a. Taxpayers having Turnover below Rs 1.5 Crores shall have an option to select the frequency of
GST return i.e., Quarterly return monthly payment (QRMP) Scheme filing for FY 2022-23.
RFD-10: - Eighteen months after end of the quarter for which refund is to be claimed
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ITAT Chandigarh allowed sec. 54 under Income Tax Act relief to women who purchased a new house jointly in the name of married daughter & son-in-law. Case name Smt. Rachna Arora [2021] 131 taxmann.com 307 (Chandigarh – Trib.)
No TCS u/s 206C(1G) on sale of overseas tour packages by tour operators to non-resident individuals visiting India. Notification 20/2022 of 30.3.22.
Negotiable Instrument Act S.138: Liability of director when Company not been made accused. Case Name : Charanjeet Singh Saini Vs Ispat India (Chhattisgarh High Court) Appeal Number : CRMP No. 1645 of 2019 Date of Judgement/Order : 21/03/2022.
ICAI issued Guidelines for Networking of Indian CA Firms 2021 are available at ICAI website at below link: https://resource.cdn.icai.org/64061mss51444.pdf Members and Students Services Directorate
ICAI Council at its 410th Meeting held on 24th and 25th March, 2022 decided that the applicability of some provisions of Code of Ethics be further deferred for a period of six months (i.e. till 30th September, 2022) to ensure effective adoption and implementation by the membership at large. A roll out plan for these provisions will be announced suitably.
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Gujarat High Court bench of Justice J.B. Pardiwala and Justice Nisha M. Thakore have held that the issuance of a show cause notice along with the draft assessment order is absolutely necessary before passing an order under Section 144B of the Income Tax Act.
Indians with hidden income in the United States (US) may face legal action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the Financial Year '23. According to the internal action plan of the Central Board of Direct Taxes (CBDT) for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted.
Excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent years by invoking Section 11.(Favour of Assessee) CIT (Exemption) Vs. Subros Educational Society, 11.01.2022 (Supreme Court)
Expense not debited to P&L is not Justified for Disallowance U/s 40(a)(ia) – 04-04-2022. CIT Vs Shree Choudhary Transport (Rajasthan High Court)
Commissioner of State tax, Maharashtra, had issued Internal Circular No. 06A of 2022 dated March 23, 2022, regarding Instructions regarding care to be taken during revocation of cancellation of GST registration.
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TDS not deductible on Uniform Allowance given to Employees for use while on duty. Case Name : Commissioner of Income Tax (TDS) Vs Oil And Natural Gas Corporation Ltd. (Gujarat High Court)
High Court of Calcutta on 11th March 2022 in the matter of Shivaco Associates & Anr. Vs. Joint Comm of State Tax, held that a circular cannot implant any provision which is not available in the Act. The circular No. 135/2020-GST dated 31.03.2020 relied on by the respondents, is restricting the claim of the petitioners which is otherwise admissible in the Act, thus allowing the refund of the unutilized ITC on account of inverted duty structure.
SEBI came out with fresh guidelines wherein execution of a new document will be made compulsory for transfer of securities towards deliveries and settlements. The execution of the document -- Demat Debit and Pledge Instruction (DDPI) -- will also be applicable for pledging or repledging of securities. The fresh guidelines, which will be effective from July 1, also comes against the backdrop of instances of misuse of PoAs.
Update Importer Exporter Code(IEC) details online during April-June. If no changes, confirm the same online. Else IEC will be deactivated.
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CBDT notifies e-Dispute Resolution Scheme, 2022
The Central Board of Direct Taxes (CBDT) has notified the e-Dispute Resolution Scheme, 2022 as per which, the settlement of tax disputes involving small taxpayers to be processed entirely electronically. The Union Finance Minister Ms. Nirmala Sitharaman, while announcing a new Dispute Resolution Committee in the union budget for FY22, said taxpayers having taxable income up to ₹five million and disputed income up to ₹one million could seek settlement under this Committee and any pending cases before the Settlement Commission would be handled by the Interim Board. The e-Settlement scheme says that all communication between the Interim Board and taxpayers will be exclusively in electronic mode. All communications between the Interim Board and the applicant, or his authorized representative, shall be exchanged by electronic mode. As per the notification, the Dispute Resolution Committee shall, upon receipt of proof of payment as per clause (xix) of sub-paragraph (1) of paragraph 4, grant to the person who made the application for dispute resolution under section 245MA of the Act, waiver of penalty imposable or immunity from prosecution or both under this Act in accordance with the rule 44DAC
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Supreme Court in matter of Principal Commissioner of Income Tax (Central) vs M/S. Mahagun Realtors (P) Ltd (MRPL) has held an Assessment order passed in name of the non-existent amalgamated company (MRPL) is valid.
Central Board of Indirect Taxes & Customs had issued Notification No. 19/2022- Customs -dated March 31, 2022, regarding to extend the exemption from Integrated Tax and Compensation Cess by three (03) months i.e. up to June 30, 2022, on goods imported against AA/EPCG authorizations.
GST Council will likely consider enforcing a ministerial panel’s recommendations on data analytics to tighten compliance to augment revenues. “The recommendations are about checking leakages at various points, from point of production till consumption.
Central Board of Indirect Taxes and Customs has issued Instruction No. 02/2022-GST dated March 22, 2022, regarding Standard Operating Procedure (SOP) for Scrutiny of returns for FY 2017-18 and 2018-19. Till the time a Scrutiny Module for online scrutiny of returns is made available on the CBIC-GST application, as an interim measure, the following SOP is being issued by the Board.
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⏺️The CBDT has notified the constitution of the Dispute Resolution Committee for income tax disputes under section 245MA read with section 295 of the Income Tax Act, 1961.
CBDT notifies vide Notification No. 26/2022 – (Income Tax) | Dated: 5th April, 2022.
⏺️Income Tax Due date of filing form 10AB extended to 30th September,2022.
⏺️GST w.e.f. 1st April 2022 (FY 2022-23)
Renewal of Letter of Undertaking (LUT), in case of exports
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Those taxpayers who link their PAN with biometric Aadhaar by June 30, 2022, would be required to pay late fees of 500. Beyond that, the penalty would rise to 1,000. In order to mitigate the inconvenience to taxpayers, as per notification dated March 29, 2022, a window of opportunity has been provided to taxpayers up to March 31, 2023.
Black money provisions cannot be invoked for minor breach of law: Mumbai ITAT. Additional Commissioner of Income Tax vs Leena Gandhi Tiwari. [TS-5399-ITAT-2022(Mumbai)-O].
ITC cannot be denied merely on the grounds that one constituent service of mixed supply attracts a Nil rate of tax: AAAR. M/s. Shree Arbuda Transport, a partnership firm, having Principal Place of Business at Plot No.51, Office No.6, Kesar Arcade, Gandhidham (Kachchh).
Exporters have started receiving notices for wrong availment of GST refund on exports. The said recovery notices run into crores of Rupees. Fact is exemption from payment of IGST has been availed by the importers at the time of import as per Advance Authorization Scheme. Exporters after consuming the said goods during manufacture have exported the final products on payment of GST during the period July 2017 to September 2018.
MCA has issued amendment to the Companies (Management and Administration) Rules, 2014, stating that Details of Address (in case of body corporate), Email ID, UIN and PAN shall not be available for inspection or for taking extract from Members Register etc. By this the misuse of members databases by many entities will be now controlled.
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CBDT notified the procedure of inaction of PAN via a notification dated March 29, 2022, as well as a press release on March 30, 2022. The Finance Act of 2021 added a new section 234H to the Act to complete the PAN-Aadhaar connecting procedure for detecting fake PANs.
Taxpayers with taxable income up to 50 lacs & disputed income up to 10 lacs can avail e-Dispute Resolution Scheme, 2022 for settlement of tax disputes.
Super-rich farmers will face stricter scrutiny by tax authorities, who will comb through details of agricultural income — tax-free under the law — in jurisdictions where farm income exceeds a threshold of 10 lakh a year, the finance ministry said in a response to questions to the parliamentary committee.
High Court of Gujarat in the case of Harsh Dipak Shah vs. UOI have held that the discretion to be exercised judicially by the AO. The court has further held that 20% pre-deposit for stay is not mandatory.Stay application cannot be rejected arbitrarily. AO should not act as a mere tax-gatherer but as a quasi-judicial authority vested with the power of mitigating hardship to the assessee.
Bombay High Court decided that Interest paid by builder on failure to construct flat is compensatory in nature out of preview of sec. 194A of the Income Tax Act. Sainath Rajkumar Sarode vs State of Maharashtra
Fruit-based fizzy drinks will continue drawing goods and services tax (GST) of 28 per cent along with 12 per cent compensation cess after a ruling by the Gujarat-based authority for advance ruling (AAR).
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⏺️ UDIN Updation has been enabled for Form 3CB-3CD on Income Tax Portal. Last Date to Update UDIN is April 30, 2022
⏺️ GSTN has enabled new functionality to facilitate the filing of application of advance ruling, appeal, etc. by unregistered persons on the GST portal.
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๐๐ปICSI appreciates Govt for bringing CA, CMA, CS Amendment Bill, 2021
(The Institute of Company Secretaries of India appreciates the efforts of the Government of India in bringing the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/3E1WRs0
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Government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said.
US-based crypto trading firm Coinbase has temporarily disabled the option to buy cryptocurrencies using the Unified Payments Interface (UPI) in India. "Purchases with this payment method are temporarily unavailable," Coinbase's mobile application.
CAG has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
Bombay High Court has quashed an order by the GST authorities that had rejected the refund claim of an assessee because it was filed after two years, a time limit set by the rules. This was done since the authorities have not taken into cognizance the earlier Supreme Court verdict that excluded the period from March 15, 2020.
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CBDT notifies Somnath Temple as a place of historic importance and a place of public worship of renown under section 80G of Income-tax Act, 1961 vide Notification No. 29/2022-Income Tax Dated: 11th April, 2022.
Commissioner of State Goods And Services Tax Department, Government of Kerala has issued Circular No.6/2022 dated April 6, 2022, regarding No detention of goods in the course of transportation on the ground of undervaluation.
The Reserve Bank of India announced a new tool to absorb excess liquidity from the system – Standing Deposit Facility (SDF). Through this new tool the central bank can absorb excess liquidity from the commercial banks, which is currently hovering at about Rs 8.5 lakh crore, without an exchange of collateral like government-backed securities (G-Secs).
The Supreme Court asked the ministry of steel to clarify its stand on lifting the ban on export of iron ore from Karnataka. While noting that there is no restriction in other parts of the country on export of iron ore, a bench took a comprehensive view of the matter and let the steel ministry file its response.
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☝️MCA has issued a report to propose modifications to 2013 Act including mandating joint audit for certain companies, auditors resignation, standardising auditors qualifications
⏺️ Relaxation of time limit for remittance of contribution upto 30th April and filing the ESI Return for period ending March 2022 till 26 May.
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๐๐ปCBIC proposes mandatory GST scrutiny on quarterly basis
(CBIC has proposed mandatory GST scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/3M6sSSJ
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๐๐ปCBIC proposes mandatory GST scrutiny on quarterly basis
(CBIC has proposed mandatory GST scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/3M6sSSJ
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GST: ITC in Electronic Tax Ledger be restored If Authorities Acknowledge Error and Accept Repayment of Erroneous Refund, rules Gujarat HC [Read Order]
Read More: https://www.taxscan.in/gst-itc-in-electronic-tax-ledger-be-restored-if-authorities-acknowledge-error-and-accept-repayment-of-erroneous-refund-rules-gujarat-hc/168589/
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Key amendments proposed in CA 2013, LLP Act 2008 by The Company Law Committee (2022)
I. Allowing certain companies to revert to the financial year followed in India;
II. Facilitating certain companies to communicate with their members in only electronic form;
III. Recognising issuance and holding of fractional shares, Restricted Stock Units and Stock Appreciation Rights;
IV. Easing the requirement of raising capital in distressed companies;
V. Replacing the requirement of furnishing affidavits with the filing of self certification/declaration;
VI. Clarifying the inclusion of ‘free reserves’ while determining the limit for buying back of a company's equity shares;
VII. Prohibiting companies from recording trusts on their register of members;
VIII. Allowing companies to hold general meetings in virtual, physical or hybrid modes;
IX. Creating an electronic platform for maintenance of statutory registers by companies;
X. Clarifying provisions relating to Investor Education and Protection Fund;
XI. Strengthening the National Financial Reporting Authority;
XII. Reviewing and strengthening the audit framework and introducing mechanisms to ensure the independence of auditors;
XIII. Standardising the manner for auditors to provide qualifications;
XIV. Recognising and providing an enabling framework for the constitution of Risk Management Committees;
XV. Clarifying the tenure of independent directors;
XVI. Revising provisions relating to the disqualification and vacation of the office of directors;
XVII. Clarifying the procedure for the resignation of key managerial personnel;
XVIII. Strengthening the provisions relating to mergers and amalgamations;
XIX. Easing the restoration of struck off companies by enabling the Regional Director to allow restoration of names of companies in certain instances;
XX. Recognising Special Purpose Acquisition Companies and allowing such companies, which are incorporated in India, to list on permitted exchanges;
XXI. Prohibiting the conversion of co-operative societies into a company;
XXII. Modernising enforcement and adjudication activities through electronic mode;
XXIII. Strengthening the incorporation and governance framework for Nidhis;
XXIV. Removing ambiguities from present provisions under the Companies Act, 2013 through changes of drafting & consequential nature
XXV. The incorporation of Producer Limited Liability Partnerships under the Limited Liability Partnership Act, 2008 to ease incorporation and compliance requirements for producer organisations.
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