๐ข *For FY 2021-2022
-Check revised disclosure requirements as per Schedule III under Companies Act
-Apply amended Independent Audit Report
-Issue CARO Report as amended by CARO 2020.
๐ขMCA : AGM/EGM can be conducted through VC till 31.12.2022. Due date for AGM for last FY is still 30.09.2022. Its a facility extension not AGM Extension.
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Bombay High court on receipt from partnership firm not to be included in the turnover for the purpose of section 44AB of the Act.
Meghalaya High Court stays recovery of GST on royalty paid for mining rights to the State. Case Name: Hills Cement Company Limited Vs Union of India (Meghalaya High Court) Appeal Number : WP(C) No. 177 of 2022 Date of Judgment/Order : 13/05/2022
Construction of buildings, such as hostels, principal's bungalow and staff quarters, in educational institutions is taxable at lower rate of goods and services tax (GST), if the structures are not used for commercial activities than those for normal business purposes, ruled Gujarat Authority for Advance Rulings (AAR). The court ruled that such buildings would draw 12 per cent GST, and not 18 per cent levied for other construction activities.
Incomplete GSTR-2B in some cases – regarding. 1. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients.
In the interim, affected taxpayers interested in filing GSTR-3B are requested to file the return on self-assessment basis using GSTR-2A. Inconvenience caused in this regard is deeply regretted. Regards, Team GSTN | 15/05/2022.
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CBDT has issued instructions to AO’s for issue of 148A notices consequent to Supreme Court judgement.
Bombay High Court slams Assessing Officer for passing order by simply cutting and pasting draft order without considering assessee’s reply - Assessing Officer who has passed the Assessment Order shall pay a sum of Rs. 10,000/- as donation from his/her personal account to P. M. Cares Fund. [Milestone Brandcom (P) Ltd. v. National Faceless Assessment Centre, New Delhi (2022) 138 taxmann.com 45 (Bom.)]
Telangana High Court entertains writ petition against approval by GAAR panel under Section 144BA(6) for Assessment year 2018-19 over applicability of Section 96(1)(d) on transaction entered into by the Assessee; Before High Court, Assessee submits that the impugned approval is contrary to the scheme of GAAR in the light of Supreme Court ruling in CIT v. Walfort Share & Stock Brokers (2010) 326 ITR 1 : 233 CTR 42 : 192 Taxman 211 : 41 DTR 233.
Relentless selling of Indian stocks by foreign investors continued, as they pulled out a little over Rs 25,200 crore from the Indian equity market in the first fortnight of this month, on hike in interest rate globally and concerns over rising COVID cases.
MCA vide Circular dated May 05, 2022 has extended the relaxations from dispatching of physical copies of financial statements for the year 2022 (i.e. till December 31, 2022). Considering the MCA Circular dated May 05, 2022, it has been decided to provide relaxation upto December 31, 2022, from Regulation 36 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Daughter in Law cannot Claim Maintenance from Her Father in Law (FIL) if FIL not inherited any Estate from his son. Case Law Details Case Name : Laxmi & Anr Vs Shyam Pratap & Anr. (Delhi High Court).
Donation to Mosque not allowable as Business Expense. Case Name : M.D. Noorudin Zariwala Vs CIT (ITAT Mumbai) Appeal Number : ITA No. 1708/MUM/2021 Date of Judgement/Order : 11/05/2022
GSTN Advisory. Few entries of ITC appear in GSTR-2A of April but not in GSTR-2B. In such cases, file GSTR-3B on self-assessment basis using GSTR-2A.
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Delhi High Court on order passed by AO under section 148A(d) alleging income of more than Rs one lakh crore (100,705,88,04,543) having escaped assessment. High court holds notice and order being cryptic, in violation of natural justice, mechanical approval by the authority and against the avowed objective of new procedure of reassessment introduced by Finance Act,2021 to reduce litigation.
Education Loan cannot be denied merely for Low CIBIL Score of Co-Borrowers. Case Name : Kiran David Vs Assistant General Manager State Bank of India (Kerala High Court) Appeal Number : WP(C) No. 3646 of 2022.
The GST Council had set up a group of ministers (GoM), led by Odisha finance minister Niranjan Pujari, to examine the feasibility of levying GST on products such as pan masala and gutkha, on the basis of the installed capacity, rather than actual production. This was in view of large-scale tax evasion detected by under-reporting of output by the units.
Negotiable Instrument Act Section 138: Director not liable if Company is not accused. Case Name : Geeta Singh Vs Pradeep Singh (Delhi High Court) Appeal Number : CRL.M.C. 5124/2017.
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CBDT amends functionality 'Compliance Check for section 206AB & 206CCA incorporating FA 2022 change Circular No. 10/2022, dated 17-05-2022.
The Finance Act, 2021, has inserted two new Sections 206AB and 206CCA, with effect from 01-07-2021. These sections provide for deduction or collection of tax at a higher rate in the case of non-filers (specified person) of return of income.
Central Board of Direct Taxes (CBDT) vide Circular no. 11/2021, dated 21-06-2021, had issued a new functionality ‘Compliance Check for Sections 206AB & 206CCA’ to ease the compliance burden on tax deductors or collectors.
To ensure that all the persons whose significant tax has been deducted or collected do furnish their return of income, the Finance Act 2022 has rationalized the provisions of sections 206AB and 206CCA. It has been provided that the provisions of these sections shall not apply to tax to be deducted under sections 194-IA, 194-IB, and 194M. Further, a person shall be treated as a specified person based on the return filing status of the last 1 year instead of the earlier 2 years.
Accordingly, the CBDT has amended the logic of the functionality ‘Compliance Check for Sections 206AB & 206CCA’. The new logic for the Financial Year 2022-23 is as under:
A list of specified persons is prepared at the start of the financial year 2022-23 taking the previous year 2020-21 as the relevant previous year.
Such a list contains names of the taxpayers who did not file the return of income for the assessment year 2021-22 and have an aggregate of TDS and TCS of Rs. 50,000 or more in the previous year 2020-21. During the financial year 2022-23, no new names are added to the list of specified persons.
If any specified person files a valid return of income (filed & verified) for the assessment year 2021-22 during the financial year 2022-23, his name would be removed from the list of specified persons. This would be done on the date of filing the valid return of income.
If any specified person files a valid return of income (filed & verified) for the assessment year 2022-23, his name would be removed from the list of specified persons. This would be done when such a person files a return of income.
If the aggregate of TDS and TCS in the case of a specified person, in the previous year 2021-22 is less than Rs. 50,000, his name would be removed from the list of specified persons. This would be done on the first due date under section 139(1) falling in the financial year 2022-23, i.e., 31st July 2022.
Belated and revised TCS & TDS returns of the relevant financial year filed during the financial year 2022-23 would also be considered for removing persons from the list of specified persons.
Note: A person cannot file the return of income for the Assessment Year 2021-22 during the Financial Year 2022-23 (except in specified circumstances). Hence, relief has been granted by the Dept. by removing the name of the person from the list of specified persons if he files the return of income for the Assessment Year 2022-23 in the Financial Year 2022-23. On a similar note, the name would be removed in the Financial Year 2022-23 if the aggregate TDS and TCS of a specified person is less than Rs. 50,000 in the previous year 2021-22.
Supreme Court pronounces judgment in Mohit Minerals case (Ocean Freight matter). While upholding the judgment of Gujarat High Court, the Supreme Court holds that recommendations of the GST Council are only recommendatory and not binding on Union and State. In a nutshell, GST is not leviable on ocean freight.
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Decision taken by ICAI on recent arrest of Chartered Accountant. The matter related to the recent arrest of the Chartered Accountant and other instances of ill-treatment of CAs by investigating authorities was discussed in the council of The Institute of Chartered Accountants of India (ICAI).
The Council members expressed their strong resentment on the manner in which certain investigating officers are treating CAs and directly resorting to arrests. 2 Chartered Accountants detained by GST Department over an alleged Rs 15 crore GST refund scam
The Council was also apprised of the strong feeling of members throughout the country regarding ill-treatment being meted to certain members rather than taking strong action against the actual perpetrators.
The council of ICAI resolved to form a Group composed of its members to interface with the authorities in order to ensure that just and fair treatment is meted out to Chartered Accountants and they are not made soft targets.
The Revenue Department has launched investigations under the anti-tax avoidance law, General Anti-avoidance Rule (GAAR), into companies and entities that may have used creative methods to avoid paying taxes. A Hyderabad-based company, Ekge Retail, has received a notice in which the department has applied Section 96(1)(d) of the Income-tax Act, which deals with impermissible agreements undertaken to avoid taxation.
Foreign investors coming from Mauritius are often denied capital gains tax relief on the grounds that persons controlling the tax haven companies are based in other countries. This may change now. One such attempt by the Income tax (I-T) department to lift the 'corporate veil' was struck down this week by a court which ruled that the tricky subject of 'beneficial ownership' (BO) of the Mauritian entity cannot be linked to capital gains.
Listed Companies need not send hard copies of Annual Report to shareholders till 31.12.2022. SEBI Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 of 13.5.22.
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ICAI Council initiatives are welcome in respect of gross injustice by the highly corrupt and high headed egoistic officials. The time has come to:
Provide legal support to all I’ll treated CAs. The guilty are always punished by ICAI. It is important to safeguard the honest , harassed and ill treated CAs. We all can contribute to legal fund.
All CAs need to unitedly take pledge and to not to tolerate any wrong. We need to expose all the corrupt officials and ensure that they are punished.
The officers making high pitched assessments maliciously and who do not provide reasonable opportunities to CAs to explain the case also need to be reported to CBI , CVC as well as CBDT.
Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. A new concept of updated return was introduced in Budget 2022. It allows taxpayers to amend their ITRs within two years from the end of the relevant assessment year. The new provision is expected to help taxpayers who often commit errors or make some omissions while filing ITR.
In the form for Updated ITR, taxpayers are required to declare the purpose for filing as well as the amount of income to be taxed in the updated return.
Taxpayers are not required to provide a break up of the income reported in the ITR (Updated).
Taxpayers can now use the new form ITR-U to file the updated income tax return for financial years 2019-20 and 2020-21.
Certain taxpayers are required to file the Updated ITR electronically using a digital signature or an electronic verification code. The taxpayer has to file the ITR Forms of the relevant assessment year and submit it along with the new ITR-U. 5. The ITR-U has to be filed within two years of the end of the relevant assessment year. For doing this, taxpayers are also required to provide reasons for updating the ITR. According to Tax2Win, the reasons for filing ITR-U may be many, including previous return not filed, income not reported correctly , wrong heads of income choses, reduction of a carried forward loss etc.
Wef 1.4.22, higher TDS/TCS if ITR of last 1 FY (2 earlier) not filed whose due date of filing is over & TDC/TCS exceed 50,000. Circular 10 of 17 May.
No Reassessment permissible for Change of Opinion: Bombay High Court. ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 804 OF 2022. Bhavani Gems Private Limited
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Deputy Commissioner and a superintendent of GST suspended in the matter of illegal arrest of 2 CAs in Gurugram. Finance Minister Smt. Nirmala Sitharaman acknowledges the appreciative of the steps taken by ICAI on this matter.
Section 139 of the Income Tax Act governs the filing of a return of income. A common understanding is that the obligation to file an ITR arises if an individual earns income on which tax has been deducted. This is not entirely true. Section 139 lists certain situations wherein return filing by an individual is mandatory even if no tax has been deducted from his income or even if he does not earn any income.
The Supreme Court held that the recommendations of the Goods and Services Tax Council would not be binding on the Centre and the states. The council fixes GST rates and its recommendations were considered binding until now. The ruling could have far-reaching implications for the “one nation, one tax” regime that was introduced in July 2017 when the GST was launched to subsume all indirect taxes collected by the Centre and the states.
Taxpayers who have paid GST on ‘Ocean Freight’ on imported goods will be entitled to claim refunds, following the Supreme Court verdict, provided they have not claimed input tax credit, experts said. Giving its ruling in the Mohit Minerals case, the Supreme Court held that since the Indian importer is liable to pay IGST on the ‘composite supply’, comprising of supply of goods and supply of services of transportation, insurance, etc in a CIF (Cost Insurance Freight) contract, a separate levy on the Indian importer for the ‘supply of services’ by the shipping line would be in violation of the CGST Act.
SEBI mandated a compulsory comprehensive cyber audit of market infrastructure institutions (stock exchanges, depositories, clearing corporations) at least twice during the financial year. Further, along with the audit reports, the regulator has directed all MIIs to submit a declaration from MDs/CEOs “certifying compliance by the MII with all SEBI Circulars and advisories related to Cyber security issued from time to time.
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Allahabad High Court quashes reassessment where Section 148 notice dated March 31, 2021 for AY 2014-15 was received by the Assessee on April 1, 2021 alleging less than Rs.50 Lacs as income escaping assessment; High Court holds the notice to be barred by limitation in terms of Section 149(1)(a).
Madras High Court quashed National Faceless Assessment Centre order passed without discussing reply to Show Cause Notice filed by assessee. Case Name : Vellaian Selvaraj Vs Additional/Joint/Deputy/Asst. CIT/ITO (Madras High Court)
CPC has No Jurisdiction of Prima-Facie Adjustment u/s 143(1) of Income Tax Act when there are Judicial Decisions favouring Assessee: ITAT Mumbai. Case : Rajkumar Laxminarayan Kanojiya.
Assessee was granted only three days’ time to file its response to the notice u/s 148A- Held-This Court is of the view that under Section 148A(b) of the Act, a minimum time of seven days has to be granted to the assessee to file its reply to the said show cause notice. (Favour of Assessee) Shri Sai Co-Operative Thrift And Credit Society Ltd. Vs. ITO, W.P.(C) 7385/2022 (Delhi High Court)
Securities and Exchange Board of India has modified the “Categorization and Rationalization of Mutual Fund Schemes” to allow fund houses to launch passive equity linked saving schemes. Investors can now invest in passive tax saving scheme schemes to save taxes under Section 80C of the Income Tax Act.
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The Finance Ministry transferred Ms. Meenu Kumar Commissioner CGST Gurugram to Siliguri, Mr. Abhinav Yadav Addl. Commissioner to Bhuvaneswar & Mr. Ankit Agrawal Dy. Commissioner also transferred to Lucknow with a condition that No representation shall be entertained before they join the new place of posting.
A flurry of summons from the Income tax investigation wing and the Enforcement Directorate (ED) over the past fortnight has come as a rude reminder to many that despite paying tax they may have a brush with the law. Thousands of recipients of such letters have been caught in a stern, yet often ignored, provision of the statute that requires a mandatory disclosure of all foreign assets like ownership in a company, properties, and accounts with overseas banks, there is a stiff cost to such non-disclosures, as many are discovering: a penalty of 10 lakh a year under Black Money Act (BMA) - so, if a bank account was opened five years ago and has remained a 'secret' since then, the basic fine will be 50 lakh if the assesse is unable to convince tax authorities.
No Disallowance Can Be Made For Cash Payments If Transaction is Genuine And Identity Of Payee is Known: ITAT Jaipur In the case of M/s A Daga Royal Arts vs. ITO,Sec 40A(3) Rule 6DD.
As a major relief to importers, the Supreme Court in the case of UOI & Anr. vs. Mohit Minerals Pvt. Ltd., Civil Appeal No. 1390 of 2022, struck down the levy of GST on ocean freight under reverse charge in case of CIF imports.
CARO 2020 has increased the responsibility of the auditor all the more. One may refer to Para 3(ii)(b) of CARO, 2020 which now requires the auditor to report as to whether the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company, if not, give details.
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✅ Late fees for filing GSTR-4 for FY 2021-22 waived from 01.05.2022 to 30.06.2022
The CBIC vide Notification No. 07/2022- Central Tax dated May 26, 2022 amended Notification No. 73/2017- Central Tax dated December 29, 2017 to waive late fees for filing Form GSTR-4 (i.e., Quarterly return for registered person opting for composition levy) for FY 2021-22 from May 01, 2022 to June 30, 2022.
✅ No DRC-03 / voluntary payment of GST from taxpayers during search, inspection or investigation on any issue detected during such proceedings: CBIC vide instruction no. 01/ 2022-23 (GST investigation) dated 25 May 2022
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Delhi ITAT imposes cost of Rs. 25,000 on Assessee for ‘lackadaisical and non-cooperative attitude’ towards the quantum proceedings, restores the matter to Revenue in the larger interest of justice by providing the Assessee another opportunity; - [Vavasi Telegence (P) Ltd. v. ITO – Date of Judgement : 23.05.2022.
Notification No. 07/2022–CT: Late fee payable for delay in furnishing of FORM GSTR-4 for the Financial Year 2021-22 under section 47 of the said Act shall stand waived for the period from the 1-5-22 to 30-6-22.
Life Insurance Corporation of India (LIC) will hold a meeting of its board of directors to consider and approve payment of dividends, if any, the insurance behemoth said in a BSE-filing. The meeting is scheduled to be held on May 30.
RBI came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India. In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers (QJ) as approved by International Financial Services Centers Authority (IFSCA) were permitted to import gold in January.
Register & view the 2 CPE Hours VCM on Virtual CFO Services for MSMEs- Role of Chartered Accountants from 5:00 PM to 7:00 PM on 28.05.2022 conducted by the Committee on MSME & Start-up, ICAI. Faculty: CA. SUNIL KUMAR PANDEY. Registration Fees: Nil Link for Registration in the said VCM : https://live.icai.org/msme/vcm/28052022/
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CBDT, vide Notification No. 54/2022 dated 27.05.2022 notifies Faceless Penalty (Amendment) Scheme, 2022 to amend Faceless Penalty Scheme, 2021.
ITAT Ahmedabad held that Limited Scrutiny under Income Tax can be converted to Complete Scrutiny only with Approval of PCIT in writing. Chaitanya Bansibhai Nagori vs. CIT.
No late fee payable for delay in furnishing of GSTR-4 for FY 21-22 till 30 June. Notification 07/2022 - CT of 26.5.22.
GST is not required to be deposited forcefully or by coercion or under any pressure during any search / inspection/ Investigation proceedings under GST Law. However, taxpayers can pay any GST amount voluntarily.
No GST can be recovered without being payable in pursuance of an order passed by adjudicating authority or otherwise becoming payable under the provision of CGST Act.
If any complaint is received regarding the above coercion / force / wrongdoing by the GST officers, The enquiry and disciplinary action to be taken by the Principal Chief commissioner / Chief commissioner against the defaulting officer. CBIC Instruction No-01/2022-23 (GST- Investigation) dated 25-5-2022.
MCA Relaxation in paying additional fees in case of delay in filing Form 11(Annual Return) up to 30th June, 2022.
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CBDT has notified the Faceless Penalty (Amendment) Scheme, 2022. There is omission of the Regional Faceless Penalty Centers from the Faceless Penalty Scheme 2021. As per change ‘Appeal Units’ and ‘Penalty Review Units’ shall mean the Assessing Officer having powers so assigned by the Board.
ITAT explains Transfer Pricing Method in case of Sale of Electricity to AEs TG Team. Case Name : ACIT Vs Electrosteel Casting Ltd. (ITAT Kolkata) Appeal Number : ITA Nos.2303 & 2304/Kol/2019 Date of Judgement/Order : 17/05/2022
The Direct Tax Committee of ICAI issued a Handbook on Statement of Donations Received. Link to Download:
https://resource.cdn.icai.org/70498dtc56444.pdf
CBIC has issued instruction no. 01/2022-23 on dated 25.05.2022, where it has been clarified that taxpayers can pay GST in DRC-03 voluntarily before issuing show cause notice (SCN) of recovery during the course of search to save the penalty imposable due to search but GST officers cannot force to pay GST during search or inspection or investigation.
Input Tax Credit (ITC) cannot be denied on genuine transactions with suppliers for whom GST registration was cancelled after the transaction. The decision was held by Justice Md. Nizamuddin of The Calcutta High Court bench.
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CBDT, vide Notification No. 56/2022 dated 28.05.2022, notifies ‘Assistant Commissioner of Income-tax/ Deputy Commissioner of Income-tax (International Taxation), Circle - 1(1)(1), Delhi’ as Prescribed Income-tax Authority for the purpose of issuing notice under Section 143(2).
Today (31 May) is the last day to file Quarterly Statements of TDS for Jan-Mar 2022 in Forms 24Q, 26Q & 27Q. Last date for TCS Return (27EQ) was 15 May.
Canteen and transportation services provided by schools are outside the purview of Goods and Services Tax (GST), the Maharashtra authority for advance ruling (AAR) has said in a ruling that will offer relief to many schools across India.
Annual Return of LLP for FY 21-22 in LLP-11 can be filed till 30 June without any additional fee. General Circular No. 04/2022 of 27.5.22.
SEBI tweaked the standard operating procedure specifying steps to be taken by stock exchanges, clearing corporations and depositories for dealing with possible defaults by trading or clearing members.
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CBDT has again extended the timeline to update Unique Document Identification Number (UDIN) on Income Tax Portal. The timeline to update UDINs is extended till 30th June 2022 to give more time to Chartered Accountants (CAs) to correctly verify and upload UDINs.
Multinationals that allotted employee stock options (esops) to their India employees have come under the taxman's lens for tax applicability on these transactions. The tax department is questioning the Indian arms of multinationals on withholding tax when they make such payments to their parents.
MCA has notified amendment in Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, which requires a company or a body corporate, which has been incorporated in a country that shares a land border with India, to furnish a declaration in Form CAA 16, stating that if they need prior approval from the Government of India under FEMA NDI Rules, to make an application for merger or demerger with an Indian company.
Second-hand goods be it antique watches, books, jewellery or for that matter even paintings — fall within the ambit of the goods and services tax (GST). Recently, in the case of Saffron Art, which is also an online auctioneer, the Maharashtra bench of the GST-Authority for Advance Rulings (AAR) examined this issue in the context of second-hand paintings. In a ruling that favours the applicant, it held that GST at 12% will be payable on the differential price.
MCA - all LLP Filings: 31 May' 2022. Relaxation in paying additional fees in case of delay in filling all the event based e-forms by LLPs which are due on and after 25th February, 2022 to 31st May, 2022 up to 30th June,2022.
SEBI tweaked the initial public offering norms in a bid to ensure that only genuine entities participate. The regulator is learnt to have found out that some large institutional investors and high net worth individuals were putting in bids only to inflate the subscription numbers.
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CBDT, pursuant to Press Release, issues Circular No. 7/2022 on relaxation in applicability of Rule 114 AAA(2) for non-intimation of Aadhaar upto 31.03.2023 and repercussion of non-intimation thereafter; However, such taxpayer shall be liable to pay fee as per Rule 114(5A)
Delhi High Court quashes reassessment notice and the order under Section 148A(d) for being passed without considering Assessee’s response and request for personal hearing; Directs the Revenue to pass a fresh reasoned order after considering Assessee’s reply with a liberty of issuing supplementary notice;– [First Solar Power India (P) Ltd. – Date of Judgments : 26.05.2022 (Del.)]
The Supreme Court issued notice in SLP filed against the ruling estimating only 2% additions on huge sums deposited in banks. Section 68 of the Income-tax Act, 1961 - Cash credits (Bank deposits) - [PCIT v. Shitalben Saurabh Vora (2022) 138 taxmann.com 348 (SC)].
GSTN has added 6% tax rate in GSTR-1 on the GST Portal. 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12. In case outward supplies attract a 6% tax rate, upload the details against the 6% tax rate in the item details section.
LLPs can file all event based e-forms due from 25.2.22 to 31.5.22 up to 30.6.22 without additional fee. MCA General Circular 6/2022 of 31.5.22.
State Bank of India invites applications from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches / CPCs / special outfits. by post / courier / hand delivery and reach to the respective Circle Audit Office (CAO) on or before 15.06.2022.
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Central Board of Direct Taxes hereby authorizes the Assistant Commissioner of Income Tax/ Deputy Commissioner of Income Tax (International Taxation), Circle -1(1)(1), Delhi to act as the ‘Prescribed Income-tax Authority’ for the purpose of issuance of notice under sub-section (2) of section 143 of the Act.
Payment of tax sufficient to allow withdrawal from Capital Gain Account Scheme: High Court directs Assessing Officer to issue NOC. – [Rashesh Shirish Sanjanwala v. ACIT (2022) 441 ITR 374 : 285 Taxman 710 : 134 taxmann.com 104 (Guj.)]
Assessing Officer can not invoke section 154 to make disallowance for cash payments made by assessee exceeding prescribed limit. – [Smt. Poonam Mittal v. ITO (2022) 138 taxmann.com 380 (ITAT Amritsar)]
GST Portal: GSTN has provided facility to add additional Trade Name under the same GSTIN. Now, it is easy to do multiple business under the same Legal name with different Trade Names.
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✅ICAI (ASB) prescribing the formats for financial statements for non-corporates (Proprietorship, Partnership, etc.) has published a Technical Guide on Financial Statements of Non-Corporate Entities.
Access at - https://resource.cdn.icai.org/70614asb56545.pdf
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๐ข Due Dates of Filing ROC Forms for the Month of June 2022
✅DPT-3 Return of Deposit Due date 30-06-2022
✅CSR-2 Report on CSR Extended due date 30-06-2022
✅LLP-11 Annual Return Extended Due date 30-06-2022 (Additional Fees shall be count from 31-05-2022)
✅All Other LLP Forms Due Date falling b/w 25-02-2022 to 31-05-2022 extended due date 30-06-2022
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CBDT issued Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23 - procedure for compulsory selection in such cases - reg.
Additional Trade Name under same GSTIN can now be added at GST Common Portal from Dashboard>Services>Registration>Amendment of Registration Core fields.
MCA vide notification dated 1st June, 2022 amended the Companies (Appointment and Qualification of Directors) Rules, 2014. Pursuant to this notification-
When the person seeking appointment is a national of a country which shares land border with India, the Security clearance from the Ministry of Home Affairs, Government of India, shall also be attached- With the consent to act as a director in DIR-2. With the application for DIN. Form DIR-2 and DIR-3 are also revised.
ICAI has released Draft Regulations to amend the Chartered Accountants Regulations 1988, which the Council of the Institute of Chartered Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) for the information of all persons likely to be affected thereby;
and notice is hereby given that the said draft regulation shall be taken into consideration after the expiry of a period of thirty days from the date on which the copies of the Gazette of India, in which these draft regulations are published, are made available to the public;
Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same to the Council of the Institute of Chartered Accountants of India within the period so specified addressed to the Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002;
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Accounting Standards Board of ICAI (ASB) prescribing the formats for financial statements for non-corporates (Proprietorship, Partnership, etc.) has published a Technical Guide on Financial Statements of Non-Corporate Entities.
๐ The same can be assessed at - https://resource.cdn.icai.org/70614asb56545.pdf
๐ชท Request everyone to strongly recommend the non-corporate entities to follow these formats for formulation of their financial statements *from financial year 2021-22 onwards*.
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