14 May 2022 Updates

👉🏻Cost Accountants’ Institute asks Govt to allow members to conduct financial audits of MSMEs

(The cost accountants’ institute has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies)

👇🏻 👇🏻 👇🏻

https://bit.ly/37rwrnV

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CBDT, vide Circular No. 9/2022 dated 09.05.2022, issues Guidelines for the purpose of removing difficulties in implementation and interpretation of Section 10(23FE); CBDT on 06.05.2022 notified compliance requirements, computation mechanism for minimum investment and exempt income under Section 10(23FE) for AIFs, domestic companies and NBFCs. 

GST Council is considering levying 28 percent tax on cryptocurrencies and related services. The proposal is likely to be tabled in the next GST Council meeting. According to the sources, the government’s view is to keep cryptos on par with lottery, casinos, betting and race courses.

Gujarat High Court ruling that actual value of land should be deducted before levying GST on under-construction flats would reduce the tax outgo for homebuyers, provided the contractual arrangement transparently denotes the land value, experts said. Currently, GST is levied on sale of under-construction flats/units wherein the entire value of flat or unit (including value of underlying land) is taxed. 

Wef FY 21-22, show in Balance sheet Investment in Shares in or by Struck off Compa  in MCA,  Debtors, Creditors & other balances in Struck off Companies. 

Cost accountants’ institute has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies. The Institute of Cost Accountants of India, set up under an Act of Parliament, has around 90,000 members and about 5 lakh students.

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Income tax  Instruction to AO for how to handle 148 cases after SC Judgement. 

Exercised the power under section 119 of the Act

Notices issued for AY 13-14, 14-15 and 15-16 shall be deemed valid if income escaping is more than Rs. 50L

Notices can be issued for AY 2016-17 and 17-18 in all types of cases as time limit extended till 30 June by TOLA, however approval of specified authority required as per new section 151 of the Act

AO may drop the proceeding if he thinks that it is not fit case of 148.

Central Board of Direct Taxes (“CBDT”) has amended Income Tax Rules related to Quoting of Permanent Account Number (“PAN”) in relation to Certain Banking Transactions. This Amendment has been bought by Income-tax (Fifteenth Amendment) Rules, 2022.

C&AG - 2022-23 Empanelment Status available on www.care.cag.gov.in from 6/5 to 17/5/22. For rectification, email at sao2ca5@cag.gov.in by 17/5/22.

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👉 Call for Research Proposals under 'Funding for Research Studies on Corporate Governance' under Expert Committee (EC) | 187 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=ecyiB7P%252FIcFfj2PI9qWbQw%253D%253D&type=open

👉 Declaration of Result of the online examination of the 'Certificate Course on Indian Accounting Standards (Ind AS)' held on 24th April 2022

https://resource.cdn.icai.org/70374asb56277.pdf

👉 38th Half Yearly Report on Management of Foreign Exchange Reserves: October - March, 2021-22

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53698

👉 RBI imposes Monetary Penalty on Unimoni Financial Services Limited

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53696

👉like , Subscribe and Share  Following links For Further videos and updates 

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CBDT issued extensive guidelines for implementing a Supreme Court  order in reassessment cases. The court had earlier this month ruled that the thousands of show cause notices the Income Tax department had issued under a previous regime should be treated as ones issued under a new one for reopening assessment cases. The CBDT said that for three years, viz. assessment years (AY) 2013-14, 2014-15 and 2015-16, reassessment notices will not be issued for small taxpayers whose asset is less than Rs 50 lakh. 

CBDT also clarified about subsequent years--AY 2016-17 and AY 2017-18--where timeline to issue notices under Section 148, as extended by various Taxation & Other Laws Amendment Acts ('TOLA') till June 30, falls within a period of three years. Tax officers, in such cases, will issue show cause notices and provide material/ information to taxpayers for initiating reassessment proceedings, within 30 days. 

PAN or Aadhaar is made mandatory for cash deposits or withdrawals above Rs 20 lakh. In a notification issued on May 10, 2022, the government has come out with new rules especially pertaining to those making financial transactions without a PAN or Aadhaar. The Central Board of Direct Taxes has made new rules, called the Income–tax (Fifteenth Amendment) Rules, 2022. 

Companies AGMs / EGMs due in 2022 can be held upto 31.12.22 through Video Conference (VC) or Other Audio Visual Means (OAVM). General Circulars 2&3 of 5.5.22.

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🟢Functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at e-filing portal www.incometax.gov.in. This functionality may not be used for updating UDIN for Forms submitted prior to April 2021. In this functionality only those Forms will be shown which are accepted by the Assessee.

🟢Due date of payment of ESI contribution of March, 2022 extended from 15.4.2022 to

 30.4.2022.

🟢Due date for ESI return for the contribution period October, 2021 to March, 2022 extended from 11.5.2022 to 26.5.2022.

🟢EPCG export obligation relaxation & increase in time limit with the additional fees. DGFT vide Public Notice No. 03/2015-2020 dated April 13, 2022.

🟢CBIC has enabled the Shipping Bill amendment facility on ICEGATE

🟢CBIC has proposed mandatory GST scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns.

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A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries. 

The panel, whose recommendations were released for public comments, has suggested joint audits for certain classes of companies, in addition to specifically providing for forensic audit under the law. 

​The NFRA has taken away some of the powers that earlier vested with the Institute of Chartered Accountants of India when it came to regulating CAs and taking di- sciplinary action.

​Parliamentary standing committee on finance has pitched for providing a credit card to MSME entrepreneurs on the lines of Kisan credit cards, putting in place a mechanism for payment scores and a significant ramp up of SIDBI to ensure access to regular credit to small businesses.

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The process of Income Tax Return filing for the Assessment Year 2022-23 has been initiated with timely notification of ITR Forms (from ITR-1 to ITR-6). However, only two ITR Forms – viz. ITR-1 (Sahaj) and ITR-4 (Sugam) – are now available on the Income Tax Portal for filing of the return of income.



Foreign exchange fluctuation loss incurred for the purpose of borrowing in the business of financing and leasing is a revenue expenditure allowable u/s 37: WIPRO Finance Limited Vs CIT.

The GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories. 

Government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.

Certificate Course on MSME (First Physical Batch) at Hotel Park Plaza, CBD Sahadara, Delhi. Organised by : Committee on MSME & Startup, ICAI Objective: This Certificate course is intended to equip Chartered Accountants to provide professional services as well as entering intoMSME space themselves; to help achieve national objectives. Registration Fees Rs 12000 plus GST total 14,160/- inclusive GST.

Registration Link : https://learning.icai.org/committee/cmip/virtual-certificate-course-on-msme-batch-7/

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👉 Revised MCA21 V3 Login FAQs | 600 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=YVS7V1nK5RDqKPcvbesAyA%253D%253D&type=open

👉 India's forex reserves enough to cover just a year’s imports

https://economictimes.indiatimes.com/news/economy/finance/import-cover-of-forex-reserves-shrinks-30-percent-in-fy22/articleshow/90859445.cms

👉 India in no rush for Re-Rouble mechanism

https://economictimes.indiatimes.com/news/economy/finance/india-in-no-rush-for-re-rouble-mechanism/articleshow/90855814.cms

👉 GST & Indirect Taxes Committee is organising Intensive Lecture Series on GST from 19th to 23rd April, 2022 [5 p.m. to 8 p.m. each day] which is hosted by Chengalpattu District Branch of SIRC of ICAI.

https://idtc.icai.org/

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👉🏻GST bogus billing cases also come under scanner of Income Tax dept

(The Income Tax sleuths are also keeping close watch on the cases of bogus billing and availing input tax credit (ITC) fraudulently, which was busted by GST authorities)

👇🏻 👇🏻 👇🏻

https://bit.ly/384iVGM

👉🏻Appointment of the CA firm for Concurrent Audit of Investment Transactions ECGC Ltd.

(Appointment of the CA firm for Concurrent Audit of Investment Transactions ECGC Limited)

👇🏻 👇🏻 👇🏻

https://bit.ly/3rzYHvq

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functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at e-filing portal www.incometax.gov.in. Please Note: 

 

Update UDIN functionality is applicable only for Forms submitted on or after April 2021. 

 

UDIN for only those Forms can be updated which are accepted by the Assessee. 

 Information is correctly filled against the Form as per UDIN generated from the ICAI portal. 

Salary TDS Utility versions 1.7 and 1.4 are now available TRACES Portal to generate Salary TDS Certificates for F. Y. 2021-22 (A. Y. 2022-23) in Form-16 Part-A and Part-B.

You may download and use this new utility to requisition Salary TDS Certificates in Form-16.

MCA has tightened the rules for Nidhi Companies. Going forward, any public company incorporated as Nidhi with a share capital of Rs 10 lakh will have to submit an NDH-4 form and apply with the central government to be notified as a Nidhi company within 120 days of its incorporation. Also, the company needs to have at least 200 members and should have a net owned fund (NOF) of Rs 20 lakh. 

SEBI  streamlined the payment of processing fee through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offering (IPO). In addition, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock.

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As per the latest Notification No. 37/2022 of Income Tax department dated 21.04.2022, income tax return filing is mandatory for below mentioned persons:

🏄🏻‍♀️- Total sales, turnover or gross receipts in the business exceeds INR 60 Lacs; or

🏟️- Total gross receipts in profession exceeds INR 10 Lacs; or

🚨- Aggregate of withholding taxes (TDS and TCS) is INR 25,000/- or more, but INR 50,000/- or more for an individual resident aged 60 years or more ; or

💸- Aggregate of deposit in one or more savings bank accounts is INR 50 Lacs or more.

 

🔮 Apart from above, there are some other criteria as well as a result of which filing of return is already made mandatory for following categories of the taxpayers as under:

🪙- Deposit of INR 1 crores or more in one or more current accounts with a banking company or co-operative bank;

✈️- Expenditure of INR 2 Lacs or more on foreign travel expenses either for himself or for any other person;

📟- *Expenditure of INR 1 Lacs or more towards consumption of electricity.

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CBDT has notified additional conditions under the seventh provision to section 139(1) whereby return filing is made mandatory in case turnover from business or gross receipt from profession exceeds Rs. 60 lakh or Rs. 10 lakh, respectively. Further, return filing shall be mandatory if the amount of tax deducted and collected in case of a person exceeds Rs. 25,000 or deposit in savings bank account(s) is Rs. 50 lakh or more.

CBDT designates a Special Court in Kerala under Black Money Act. Notification No. 34/2022-Dated: 19.04.2022 CBDT designates Court in the State of Kerala as the Special Court for the purposes of section 280A(1) of  Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Bombay High Court in the case of Vodafone Idea Ltd. Vs ACIT [Appeal   Number: WP No. 3560 of 2019, Order Dated 03/01/2022] has made an observation which has far reaching impact that if Material available with the Assessing Officer during the course of original assessment – No reassessment permissible u/s 147. 

Since the GST law does not provide any action against the FEW / corrupt/ erring officers, the Court has stepped in. [TS-151-HC(GUJ)-2022-GST]

Gujarat High Court strikes down order canceling Assessee’s GST registration, comes down heavily on State Tax Officer for passing absurd order in pursuance of vague SCN; Strictly quotes that “henceforth if this court comes across any such vague order or SCN duly signed by him, then that will be his last day in the office”; Maybe this is the only way. 

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👉 E-filing of ITR 1, ITR 2 and ITR 4 for AY 2022-23 is enab…

https://www.incometax.gov.in/iec/foportal//latest-news#31fee7c2-59a8-43a0-a195-5e0e0901addd

👉 Notice inviting comments on Company Law Committee Report 2022 | 10 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=CltvrFMytCdMed6rdIu5XA%253D%253D&type=open

👉 Minutes of the Monetary Policy Committee Meeting, April 6 to 8, 2022

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53601

👉 Banks putting more of surplus funds in commercial papers as rates rise

https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-putting-more-of-surplus-funds-in-commercial-papers-as-rates-rise/articleshow/91013694.cms

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CBDT, vide Notification No. 42/2022 dated 22.04.2022, notifies amendment in Rule 17C by Income-tax (10th Amendment) Rules, 2022; This allows investment made by a person, authorised under Section 4 of the Payment and Settlement Systems Act, 2007 in the equity share capital or bonds or debentures of Open Network for Digital Commerce Ltd. (ONDCL) for participating in network based open protocol models which enable digital commerce and interoperable digital payments in India. 

Owner, in his will, is entitled to give his property in favour of strangers. Case Name : Saroja Ammal Vs M Deenadayalan & Appeal Number : Ors. (Supreme Court of India) Date of Judgement/Order : Civil Appeal No.2828 Of 2022 Related Assessment Year : 08/04/2022.

Filing of ITR: The government has now made it mandatory for an individual to file income tax returns in case of following conditions, even if the individual's income is below the basic exemption limit.:

if his total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 Lakh rupees during the previous year; or

if his total gross receipts in profession exceeds 10 lakh rupees during the previous year; or

if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is 25,000/-  rupees or more; or

 the deposit in one or more savings bank account of the person, in aggregate, is rupees 50 lakh or more during the previous year.

These are really seems to be the stringent measures and certainly many taxpayer would come under the ambit of this condition, and definitely would reduce the litigation u/s 148.

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👉🏻Govt to remove 20% cap on foreign ownership in PSU banks

(As per reports,  Indian Overseas Bank and Central Bank of India are the two candidates who can be privatized. Additionally, the Bank of Maharashtra is also on the list)

👇🏻 👇🏻 👇🏻

https://bit.ly/3rNOuvc

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Income-tax laws lay out provisions for taxation of notional income on exercise of employee stock options (ESOPs) by characterising the differential between Fair Market Value (FMV) of shares allotted on exercise and strike price as perquisite.

Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the Short Term Capital Loss on which STT was paid can be adjusted against the Short Term Capital Gain on which STT was not paid. Case: Shri Yogiraj Jaichand Makar. 

In the absence of independent inquiry made by the Income Tax Assessing Officer, the addition made is not justified - (Favour of Assessee) Batra Enterprises Vs. ACIT, 20.01.2022 (ITAT-Delhi)

Owner can seek redemption of confiscated goods/conveyances even after the confiscation order. Case Name : Shel Singh Purohit Vs Commercial Taxes Officer (Karnataka High Court) Appeal Number : Writ Petition No. 14645 of 2021 (T-RES). 

The GST Council has not sought views from states on hiking tax rates. They said that the panel of ministers looking into GST rate rationalisation is yet to submit its report to the GST Council. Stating that views have not been sought from states on hiking rates on 143 items, sources said, there is also no proposal to shift more than half of items to the highest tax GST slab of 28 per cent.

 

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Form 10BD is available from to file on the income tax portal by all the 80G/ 12A registered NGOs. Form 10BD is the statement of particulars for donations received by the NGOs, it is mandatorily to be filed by all the registered NGOs. As on today, 31st May 2022 is the last date to file this form. 

Income Tax Reassessment Notices under section 148, if issued on or after 01.04.2021, even for past years, should comply with new provisions/time limits & the procedure under section 148A; Karnataka High Court follows other High Court’s ruling. 

Sec 138 Negotiable Instruments  Act – blanket exemption from personal appearance cannot be granted. Case Name : Mahesh Kumar Kejriwal Vs Bhanuj Jindal (Supreme Court of India) Appeal Number : Petition for Special Leave to Appeal (Crl.) No. 3382/2022 Date of Judgement/Order : 18/04/2022.

DGFT issued Trade Notice No. 03/2022-23 dated April 26, 2022 w.r.t. new online module for filing application for recognition as Pre-Shipment Inspection Agency (“PSIA”) and issuance and electronic verification of Pre-Shipment Inspection Certificate (“PSIC”) w.e.f. May 01, 2022.

All existing PSIAs are required to register online on the DGFT Website (https://dgft.gov.in) → My Dashboard → Register and select ‘Register User As’ -‘Pre-Shipment Inspection Agency’. The said PSIA official shall thereafter navigate to Services → Pre-Shipment Inspection → Apply for PSIA and submit required details for activation of their specific online account.

On successful activation of the account, the PSIA may generate and upload Pre-Shipment Inspection Certificates (PSIC) online. All PSICs shall be mandatorily generated online through the DGFT Website w.e.f. July 01, 2022.

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👉 Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014 issued by the Auditing and Assurance Standards Board - (26-04-2022)

https://resource.cdn.icai.org/70151aasb56099.pdf

👉 Form 26A, Form 27BA, Form 10BD and Form 10BE are availabl…

 https://www.incometax.gov.in/iec/foportal//latest-news#88903282-2fbd-439d-abaf-6d572069f631

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UDIN

1. Where UDIN is not updated on Income tax Portal, in all cases, there is error in taking udin by chartered accountant. This has been established in a joint meeting of ICAI, CBDT and Infosys.

2. After a series of meetings with authority, technical team has put up proposal before decision makers. Tomorrow, decision is expected.

Relaxation in UDIN

 Verification Parameters at Income tax e-filing Portal   

 

Presently, various instances of invalidation of UDINs at the e-filing portal are being reported. The members are advised to try again to update those UDINs which have been invalidated earlier at the e-filing portal now. 

Members are hereby advised to kindly update all the pending UDINs at the e-filing portal immediately. 

UDIN Directorate

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📌 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐦𝐚𝐝𝐞 𝐢𝐧 𝐆𝐒𝐓𝐑 𝟏 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐅𝐢𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐞𝐬𝐬:

Few changes are made in the form GSTR 1 to improve the filing process. The changes are:

𝟭. 𝗥𝗲𝗺𝗼𝘃𝗮𝗹 𝗼𝗳 𝗦𝘂𝗯𝗺𝗶𝘁 𝗯𝘂𝘁𝘁𝗼𝗻 𝗯𝗲𝗳𝗼𝗿𝗲 𝗳𝗶𝗹𝗹𝗶𝗻𝗴:  The present ‘Submit’ and ‘File’ buttons are replaced with a single-step filing process

𝟮. 𝗖𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗦𝘂𝗺𝗺𝗮𝗿𝘆: Table-wise summary to provide an overview of the records added in GSTR-1

𝟯. 𝗥𝗲𝗰𝗶𝗽𝗶𝗲𝗻𝘁 𝘄𝗶𝘀𝗲 𝘀𝘂𝗺𝗺𝗮𝗿𝘆: Total Supply value & total tax involved for each recipient

𝟰. 𝗡𝗲𝘄 𝗙𝗶𝗹𝗹𝗶𝗻𝗴 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲: The existing steps to file GSTR-1 shall be replaced with the following steps

i.) Click ‘Generate Summary’ button for summary generation

ii.) Click ‘Proceed to File/Summary’ button to view the final summary

iii.) Click ‘File Statement’ button to file GSTR-1/IFF.

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MCA has communicated to ICAI that instances have been observed where practising professionals are not carrying out Due Diligence and Verification while carrying out incorporation of Company / LLP.  The Verification of documents pertaining to Directors, KMP, witness to MoA, AoA and verification of Registered Office are required to be done in strict accordance with the provisions of Law. Members may accordingly ensure strict compliance to avoid penal actions.

Production-linked Incentive Scheme for Steel PLI deadline for applications has been extended from April 30 to May 31. As a result, the application window will remain open until May 31, 2022. The extension was granted to allow for some adjustments to the plan that were requested by the sector.

𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐦𝐚𝐝𝐞 𝐢𝐧 𝐆𝐒𝐓𝐑 𝟏 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐅𝐢𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐞𝐬𝐬: Few changes are made in the form GSTR 1 to improve the filing process. The changes are: 

𝗥𝗲𝗺𝗼𝘃𝗮𝗹 𝗼𝗳 𝗦𝘂𝗯𝗺𝗶𝘁 𝗯𝘂𝘁𝘁𝗼𝗻 𝗯𝗲𝗳𝗼𝗿𝗲 𝗳𝗶𝗹𝗹𝗶𝗻𝗴: The present ‘Submit’ and ‘File’ buttons are replaced with a single-step filing process.

 

𝗖𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗦𝘂𝗺𝗺𝗮𝗿𝘆: Table-wise summary to provide an overview of the records added in GSTR-1 𝟯. 

𝗥𝗲𝗰𝗶𝗽𝗶𝗲𝗻𝘁 𝘄𝗶𝘀𝗲 𝘀𝘂𝗺𝗺𝗮𝗿𝘆: Total Supply value & total tax involved for each recipient. 

𝗡𝗲𝘄 𝗙𝗶𝗹𝗹𝗶𝗻𝗴 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲: The existing steps to file GSTR-1 shall be replaced with the following steps i.) Click the ‘Generate Summary’ button for summary generation ii.) Click ‘Proceed to File/Summary’ button to view the final summary iii.) Click the ‘File Statement’ button to file GSTR-1/IFF.

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Updates & UDIN Solutions:

UDIN Solution: Please retry today to update UDIN in income tax portal. If problem still error persist, then take a screenshot and send a email to efilingwebmanager@incometax.gov.in,  mentioning:

A) Your Login Id , 

B) Pan of Client & 

C) Udin .

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 🍫 CBDT extended timeline to update UDIN until 31st May 2022.

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👉🏻Timeline to update UDIN on e-filing portal is extended

(The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3OMIgpC

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🏄🏻‍♀️ CBDT Notifies Form and Manner for filing Updated Return in Notification No. 48/2022 dated 29-04-2022

🚴🏻‍♂️ Updated Return can be filed from the assessment year 2020-21 onwards.

Return shall be filed in form no. ITR-U alongwith applicable IT form from ITR-1 to ITR-7.

🏊🏻‍♀️ Return Can be updated on account of Below:

- Return Previously not filed

- Income not reported correctly

- wrong heads of income chosen

- Reduction of Carried forward Loss

- Reduction of Unabsorbed Depreciation

- Reduction of Tax Credit 

- Wrong rate of tax

- others

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☝️ NEW Section 139(8A) & New Rule 12AC

ITR Form for Updated Return has been notified. Ref. gazette notification dated 29.04.22

ITR - U Form is notified for Updated return u/s 139(8A). Updated return can be filed for A.Y. 2020-21onwards the Notification states.

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SEBI has tweaked the operational guidelines for depository participants and foreign portfolio investors (FPIs) pertaining to registration certificates of such foreign investors and change in their name. The new guidelines will be applicable from May 9. 

Relaxation of import provisions under Notification No. 20/2015-20 dated 24.08.2021 to allow import of remaining quantity of 5.50 Lakh MT of crushed & de-oiled GM soya cake upto 30.9.2022 or until further orders, whichever is earlier. Bill of lading of such import consignments to be on or before 30.9.2022 and “Out of Charge”.

ICAI Exam Observer Update: Observer Portal will be live from 3rd May 2022 at 10.00 am to 6th May 2022 at 11.59 PM for Self-selection of Observership assignment for May / June 2022 Examinations._

Weblink: https://observers.icaiexam.icai.org

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SC rules in favour of Revenue in re-assessment controversy, holds all notices issued under old Sec. 148 will be deemed to have been issued under Sec. 148A; Income-tax Officer to follow procedure laid down as per amendments made via Finance Act, 2021; All defences shall be available to both Revenue & Assessee under amended Sec. 149; In exercise of power under Article 142 of Constitution, all High Court orders stand modified & this judgment of Supreme Court to substitute the same; Revenue not required to file any more appeals, thus saving filing of more than 9000 appeals; Apex Court ruling to apply to all pending writs in different High Courts: Sources

The judgment was pronounced by a division bench of Justice M.R. Shah and Justice B.V. Nagarathna, a few minutes ago.

Additional Solicitor General & Sr. Adv. N. Venkataraman argued successfully on behalf of Union of India.

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Annual Aggregate Turnover (AATO) computation for FY 2021-22

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

1. The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).

2. The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.

3. The taxpayers have also been provided with the facility of turnover updation in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.

4. This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.

5. The taxpayer can amend the turnover twice within the month of May, 2022. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who can amend the values furnished by the taxpayer wherever required.

Note: For more details, the taxpayers may check out the ‘Advisory’ section of the aforementioned functionality on their respective dashboards.

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Supreme Court has Upholded All 90,000 Notices Issued by Income Tax department after 1.4.2021 under Section 148A of IT Act. It is noteworthy that a whopping 90K plus Writ Petitions were filed in this matter. 

The Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.

 31.5.22 is the last date to file Statement of Dividend & Interest for FY 21-22 in form 61A & Statement of reportable accounts  in 2021 in form 61-B. 

The Ministry of Finance has released a ‘Status Note’ on GST compensation to states and UT’s on 28th April, 2022 stating that Rs. 2.78 lakh crore of compensation has been released to states for the year 2020-21 and nothing is pending for this year.

CAG Provisional Empanelment status of the firm along with provisional point     score for  the year 2022-2023 will be available on the website www.care.cag.gov.in from 06.05.2022 to 17.05.2022. Representations, if any, for rectification of clerical mistakes in the online data may be sent by email at sao2ca5@cag.gov.in by 17.05.2022.

Photographs Link of Convocation held on 12th & 13th April, 2022 at Delhi. https://icainetmy.sharepoint.com/:f:/g/personal/delhiconvocation2021_icai_in/EtBgu1I1RFFIjfeT9msHNp0B_r-KbSHfEf5KMr_B4x_5eA. 

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