Statutory Boost

  As per GST portal data policy, data of taxpayers can be retained on their portal for a maximum period of 7 years . Accordingly, data for the month of July, 2017 was not available from 1st August 2024 onwards and similarly, data for the following months will not be available for taxpayers after expiry of 7 years from the end of the relevant month. Therefore, GSTN has advised the taxpayers to download their relevant data from GST portal for any future reference.       +91-7417634371     kuldeepdiggiwal@gmail.com

GSTN has introduced a new facility of Invoice Management System on their portal which will help the taxpayers to simplify the process of reconciliation. It will contain two segments i.e. Inward supplies and Outward supplies. Inward Supplies:  Under this option, recipient taxpayers can easily accept or reject the Inward supply invoices from various vendors at one place in single click. Form GSTR 2B will be regenerated on the basis on inputs provided by the taxpayers and updated ITC details will be auto populated in Form GSTR 2B. Outward Supplies :  Under this option, a universal view of number of records under various tables in Form GSTR-1 can be viewed and downloaded in Excel format. Draft Manual of Invoice Management System can be accessed by clicking  here.                 +91-7417634371     kuldeepdiggiwal@gmail.com

  GSTN has announced that the existing GST portal will be revamped on 3rd May 2024 which will include following changes : News and Updates Section :  A separate section of new and updates will be inserted to access any new updates and archived updates since 2017. User Interface improvements :  Changes in GST portal to improve user accessibility and use. Updated Website Policy :  Updated website policy with details regarding web managers included.  Screenshot of new GST portal with updated modification can be accessed by clicking  here.   Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

  After considering difficulties faced by the taxpayers, CBDT via Circular no. 07/2024 dt. 25th April 2024  has further extended due date or filing Form 10A/ 10 AB till 30th June 2024. Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

GSTN has introduced a facility of Two-Factor authentication for logging into GST portal. Now, taxpayers will have to enter an One-Time Password (OTP) post entering the login credentials on GST portal. The OTP will be sent on registered mobile number and email-id of the Primary Authorised Signatory. This facility is rolled out in phased manner. In 1st phase , it is rolled out in the state of  Punjab, Chandigarh, Uttarakhand, Rajasthan and Delhi beginning from 01.12.2023 . In 2nd phase , it will be rolled out across all the states. Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

After considering the problems faced by taxpayers in filing return / form, CBDT via Circular no. 16/2023  has extended due date for filing the following forms / returns for the Previous Year 2022-23 : Particulars Original Due Date Extended Due date Form ITR-7 (ITR form f or persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only) 30 th  September, 2023 31 st October, 2023 Form 10B / 10BB (Audit Report for persons specified above) 31 st October, 2023 30 th  November, 2023 Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

MCA on 1st Feb, 2022 announced that they are 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 06th Mar 2022 at 12:00 AM .  They also announced the following :  LLP e-Filings on MCA21 portal will be disabled from 25th Feb 2022 12:00 AM. All stakeholders are advised to ensure that there are no SRNs in pending payment status.  Offline payments for LLP using Bank Challan and Pay later option would be stopped from 19th Feb 2022 12:00 AM . 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). DSC association and new user registration on MCA21 portal will be stopped on 25th Feb 2022 12:00 AM . These services will resume in new application with LLP launch.  There will not any interruption in filling of Company forms." Feel free  to contact in case ...

Union Budget 2022-23 A.      Direct Tax a)    Reducing AMT & Surcharge for co-operative societies from 18.5% and 12% (Income below ₹ 1 crore) to 15% & 7% respectively . b)     NPS deduction of for State Government employees increased from 10% of salary to 14% of salary. c)    Existing tax benefits for Startups which were offered redemption of taxes for 3 consecutive years to be extended by 1 more year till 31st March 2021 d)    Extending benefits by one more year of Sec. 115BAB of Income Tax Act, 1961 to newly incorporated Manufacturing entity 31st March 2024. e)     Virtual digital assets to be taxed at 30% and 1 % TDS on transfer of virtual digital assets. No Deduction shall be allowed from such income apart from cost of acquistion. Loss from such asset cannot be setoff against any other income. f)    Easing custom rules for units in SEZ g)    Maximum surcharge ...

Extensions by CBDT dt. 11th January 2022 is as under : Particulars Extended Due date Extended due date  via Circular No. 01/2022 dt. 11 th January 2022 Income Tax Returns for FY 2020-21 (Where Original due date was 31 st October, 2021 ) 15 th Feb 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th March, 2022 Income Tax Returns for FY 2020-21 (Where Original due date was 30 th November, 2021 ) 28 th Feb 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th March, 2022 Tax Audit Report For FY 2020-21 15 th Jan 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th February 2022 Transfer Pricing Report for FY 2020-21 31 st Jan 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th February 2022 Feel free  to contact in cas...

DGFT via  Trade Notice 25/2021-22 dated 19th November 2021  has informed to all the IEC holders, Members of Trade and other related authorities that IECs not updated till date will now be deactivated in a phased manner. Earlier, DGFT via  Notification No. 58/2015-2020 dated 12th February 2021  has mandated that all IEC holders needs to update their details electronically on yearly basis during April to June period which was extended upto 31st July, 2021 and subsequently to 31st August, 2021. In the first phase, all IECs which have not been updated after 01st January 2021 shall be de-activated with effect from 06th December 2021. List of all such IECs are also available which can be accessed by clicking  here.  It has been clarified that any IEC where an online updation application has been submitted but is pending with the DGFT RA for approval shall be excluded from the de-activation list. Any IEC so de-activated, would have the opportunity for automatic r...