Statutory Boost

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...

The Central Board of Indirect Taxes and Customs (CBIC) has notifies via Notification no. 14/2021 - Central Tax (Rate) dated 18th November 2021 , the hike in GST rate from 5% to 12% on Fabrics , Apparel, and Footwear w.e.f. 01st January 2022 .  This decision was taken in 45th GST Council meeting to correct the problem of Inverted Duty Structure faced by a small segment of the textile value chain. Particulars of Items Old rate New Rate Apparels 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Footwear 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

Ministry of Corporate Affairs vide  Circular No. 17/2021 dated 29th October, 2021 has decided that No Additional fees shall be levied of filing Form AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL, AOC-4 Non-XBRL and MGT -7 / MGT-7A for the Financial Year ended on 31st March, 2021 upto 31st December, 2021. Only normal fees shall be payable on filing above mentioned forms upto 31st December, 2021. Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

The Ministry of Corporate Affairs via  Circular No. 16/2021 dated 26th October, 2021 has provided relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships. LLPs are now allowed to file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees upto 30th December, 2021 . Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

The Goods and Service Tax Network on 17th October 2021 has issued an  advisory to taxpayers regarding the availability of Input Tax Credit (“ITC”) for Financial Year 2020-21. As per Section 16(4) of CGST Act, 2017 , no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021 . The due date for the GSTR-3B for September 2021 is either 20th October 2021 for monthly filers and 22nd or 24th October 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted: Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be au...