Tax Updates
Tax Updates in August 2022 Income Tax Notification Issue during the month of August 2022 CBDT amend rule 21AK pertaining to conditions for the purpose of claiming exemption under section 10(4E) – Notification No 87/2022 dated 01-08-2022. Central Government notify “Telangana State Pollution Control Board” for the purpose of clause (46) of section 10 – …
Tax Updates in June 2022 Income Tax Notification Issue during the month of June 2022 Government relaxes and modifies certain conditions for eligible investment fund and eligible fund manager – Notification No 59/2022 dated 06-06-2022. CBDT issue compliance check functionality for Section 206AB and Section 206CCA of the Income tax Act 1961 – Notification 1 …
Caro 2020 applicability Ministry of corporate affairs notify CARO 2020 through order F.No. 17/45/2015-CL-V Part 1 dated 25th February 2020. Companies Auditor’s Report Order (CARO), 2020 is applicable from financial year 2021-22. Para 1 of CARO 2020– Caro 2020 applicability: CARO 2020 is applicable to every company including a foreign company. However, the order is …
Composition Scheme: – Composition Scheme under GST is a very simple and hassle free compliance scheme for small taxpayers. The main objective of composition scheme is to reduce compliance cost for small taxpayer. Section 10 of CGST act explained the provision of composition levy scheme. It is a voluntary scheme and under this scheme eligible …
Summary of Tax Updates in May 2022 Income Tax Notification Issue during the month of May 2022 1. Rule 44E amended and substituted the old Form No 34C to new Form No 34EA. Form 34EA to be made by concerned assessee for obtaining the advance ruling – Notification No 49/2022 dated 05-05-2022. 2. Rule 2DCA …
What is TDS Return: – TDS (Tax deducted at source) return is a summary of TDS transaction made during a quarter. TDS return is a quarterly statement which is submitted by the tax deductor to the Income tax department. TDS return contain all entries for the Tax deduction by deductor and TDS paid by the …
Statement of Financial Transactions: The income tax law has introduced the concept of Statement of financial transactions (SFT) to check high value transaction undertaken by the taxpayers. As per section 285BA of Income Tax Act, specified persons are required to furnish SFT or reportable account in respect for specified financial transaction. Person required to file …
E Invoice under GST, E Invoice applicability, E Invoice exemption, Penal provision on E Invoice, E Invoice cancellation, E Invoices Notifications
TDS Rate for FY 2022-23 Section 192 – TDS on Salary Payment TDS Limit: As per Slab Rate TDS Rate: AS per Slab Rate Note: Employees shall choose an option between new tax slab regime and old tax slab regime. In case invalid Pan or no Pan then TDS rate shall be 30%. Section 192A …
Due date compliance calendar February Due date Compliance Calendar February 2022 – Income Tax Dates Act Nature of Due dates 7th Feb 22 Income Tax Deposits of TDS /TCS for the month of January 22. Also See, “TDS Rate Charts for F.Y. 2021-22” Also See, “TDS on Purchase of Goods” 7th Feb 22 Income Tax …