👉MCA notification for national CSR Awards-22 inviting nominations from eligible companies
https://www.mca.gov.in/bin/dms/getdocument?mds=OCnH7QFQphF%252BpGJ6ZotY0Q%253D%253D&type=open
👉ITR-U Enabled for ITR 1 and ITR 4
E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4.
👉The extended due date to file FORM 11 of LLP (Annual return for F.Y 2021-22) is 30th June 2022.
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E&Y - Ernst & Young
significant No of Auditors do not qualify to hold CPA for several years as most of them cheated on exams for several years ….
Ernst & Young has been slapped with a record $100 million fine from the US government after regulators discovered that the company knew some of its auditors were cheating on exams for several years and did nothing to stop it.
EY admits, over multiple years, a significant number of EY audit professionals cheated on CPA exams & various CPE required to maintain CPA licenses, including ones designed to ensure that accountants can properly evaluate whether clients’ financial statements comply with GAAP. They signed company financial without qualification !
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🔵 Income tax changes effective from July 1, 2022
✅ TDS rule for doctors, social media influencers
Doctors and social media influencers will be subject to 10 percent TDS beginning July 1, 2022, on benefits received from companies for sales promotion
✅ PAN Aadhaar linking fine
A fee of Rs 1,000 would be applicable if the PAN-Aadhaar link is completed on or after July 1.
✅ TDS on cryptocurrencies
Earlier this year, FM proposed a 1% TDS on any payment made in exchange for the transfer of virtual digital assets (VDAs), often known as cryptocurrency and non-fungible tokens (NFTs). For transactions totalling more than Rs 10,000, the TDS rule will go into effect on Friday, July 1.
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Income tax due date to deposit TDS (tax deducted at source) for the month of June 2022 is 7th July 2022.
Benefit of deduction under section 54 could not be allowed when property had been purchased by assessee in the name of her married daughter. [Mrs. Bhaskari Madhavan v. ITO (2022) 139 taxmann.com 486 (ITAT Chennai)].
GST due date for filing of GSTR1 (return of outward supply) for the month of June 2022 is 11th July 2022.
Directorate General of Foreign Trade (DGFT) has extended the last date of submission of online application under Merchandise Exports from India Scheme (MEIS) for exports made during the period 1 September 2020 to 31 December 2020 till 31st August 2022.
Compendium of Ind AS is a comprehensive up-to-date version encompassing all the rounds of amendments issued by MCA till date that are effective as of 1st April, 2022.Ind AS and related Guidance Material can be accessed at
https://www.icai.org/new_post.html?post_id=15361.
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👉Companies (Incorporation) second Amendment Rules 2022, 05-7-2022
https://www.mca.gov.in/bin/dms/getdocument?mds=bcxsyZryNUr31CtqZ3vXtQ%253D%253D&type=open
👉Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO 4-7-2022.
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12348&Mode=0
👉Rescheduled Date for Chartered Accountants Foundation Examination at Silchar (Assam) Examination Centre. - (05-07-2022)
https://resource.cdn.icai.org/70902exam56866a.pdf
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✅Various circular for clarification issued dated 6th July as recommended under 47th GST Council Meeting on Fake Invoice Demand and Penalty Clarification, Inverted Duty Refund Clarification, Payment through Electronic Credit Ledger Clarification, Payment through Electronic Cash Ledger Clarification, Deemed Export Refund Clarification.
✅Vide Circular No. 170/02/2022- GST, Dated 6th July 2022, the CBIC has issued clarifications on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/ blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1.
✅MCA extend deadline to file Annual Return without fine for LLPs for the FY 2021-22 upto 15th July 2022.
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👉🏻Public Sector Banks shut down 2,044 Branches in FY22
(Public Sector Banks saw a reduction of 2,044 branches and about 13,000 employees in 2022, On the other hand, the number of branches of Private Banks went up by 4,023)
👇🏻 👇🏻 👇🏻
https://bit.ly/3P6NqvR
👉🏻Govt plans to make GST e-invoicing must for companies with Rs 5 Cr turnover
(Govt is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 Cr & above, thus bringing the threshold down from the current Rs 20 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/3AwH3he
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Economic Times
🗞️Indonesian Co, Bara Daya Energi lowest bidder in CIL coal import tender
🗞️Razorpay, Pine Labs get nod from RBI for payment aggregator licence
🗞️BHEL commissions 100 MW floating Solar photovoltaic plant in Telengana
🗞️Europe stares at recession, Russia appears to be on track beating predictions
🗞️RBI should internationalise Indian Rupee, says RBI
🗞️E cycle maker Motovolt Mobility seeks PE funding for expansion
🗞️Startup funding in India plummeted by 33% to $6.9 billion in Q2: Report
Business Standard
🗞️Ex-NITI Aayog CEO Amitabh Kant to replace Piyush Goyal as India G20 Sherpa
🗞️Going off-patent, key diabetes drug likely to get 50-70% cheaper
🗞️Power Finance Corporation inks pact with JBIC for $220-million loan
🗞️Centre seeks bids from i-bankers to assist stake sale in Hindustan Zinc
🗞️Vedanta acquires debt ridden Athena Chhattisgarh Power for Rs 565 cr
🗞️Tata Power plans Rs 75k-cr capex push in green energy: Chandrasekaran
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11 hidden/ unpopular/ less known Tax Deductions or benefits Salaried Taxpayer miss while filing Income Tax Returns-
1) Taken Home loan from Friends or Relative to buy new house? Interest payment can be claimed as a deduction under section 24.
2) Exemption on Medical Bills of uninsured parents - If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, Taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000
3) Preventive health check-up limit of Rs. 5000 for self, spouse and dependent children section 80D
4) Not receiving HRA from Employer? Can still claim rent paid deduction u/s 80GG – maximum Rs 60,000/-
5) Taxpayer claim a deduction of Rs 40,000 if dependent who suffers from any of the ailments specified u/s 80DDB, like dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and Parkinson’s disease, etc.
6) If a taxpayer suffers from a disability, he can claim deduction of Rs 75,000 to Rs 1,25,000 under Sec 80U. If he has a disabled dependent, he can claim the deduction under Sec 80DD.
7) Open a NPS account and Claim additional Rs 50,000/-.
8) Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24.
9) HUF is a separate entity, and can claim deductions under various Sections of Income Tax.
10) If you make frequent donations to registered charitable organisations or NGO’s, you can claim tax deductions from 50% depending upon the organisation, under Section 80G.
11) Taxpayer pays taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains.
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