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 – Notification no 88/2022 dated 02-08-2022.
Amendment in Notification no 16/2022 dated 5th March 2020, pertaining to specification of securities for the purpose of Section 47(viiab)(d) – Notification no 89/2022 dated 03-08-2022.
Central Government notify the list of documents to be submitted by employee to the employer for COVID 19 related expenses – Notification no 90/2022 dated 05-08-2022.
Government notifies new conditions for tax exemption given to COVOD aid and notify Form No 1 and Form A – Notification no 91/2022 dated 05-08-2022 and Notification No 92/2022 dated 05-08-2022.
Central Government specifies the sovereign wealth fund (Qatar Holding LLC) as the specified person for the purpose of clause (23FE) of Section 10 of The Income Tax Act 1961 – Notification no 93/2022 dated 05-08-2022.
CBDT insert rule 17AA, prescribing books of account and other documents to be kept and maintained under Section 12A(1)(b)(i) and clause (a) of the tenth proviso to Section 10(23C) – Notification no 94/2022 dated 10-08-2022.
Central Government specifies the sovereign wealth fund (INQ Holding INC) as the specified person for the purpose of clause (23FE) of Section 10 of The Income Tax Act 1961 – Notification no 95/2022 dated 16-08-2022.
Amendment in Rule 17 (Exercise of option etc. under explanation 3 to the third proviso to clause (23C) of Section 10 or Section 11 – Notification no 96/2022 dated 17-08-2022.
Central Government specifies the Penson fund (CPPIB India Private Holding Inc) as the specified person for the purpose of clause (23FE) of Section 10 of The Income Tax Act 1961 – Notification no 97/2022 dated 17-08-2022.
Rule 40G (Refund claim under Section 239A) has been inserted in Income Tax Rule 1962 – Notification no 98/2022 dated 17-08-2022.
Government notify that the provision of sub section (1G) of section 206C of the Act shall not apply to a person (being a buyer) who is a non-resident in terms of section 6 of the Act and who does not have a permanent establishment in India – Notification no 99/2022 dated 17-08-2022.
Amendment in Sub rule 9 of Rule 128 of Income tax Rule 1962 – Notification no 100/2022 dated 18-08-2022.
Amendment in Rule 17CB of Income tax Rule 1962 – Notification no 101/2022 dated 22-08-2022.
Central Government designates all the Chief Judicial Magistrate Courts of the State of Chhattisgarh as Special Courts for the purposes of Section 280A of the Income Tax Act 1961 and Section 84 of the Black Money and Imposition of Tax Act 2015, for the area falling within the respective territorial – Notification no 102/2022 dated 22-08-2022.
Central Government notify “Andhra Pradesh Pollution Control Board” for the purpose of clause (46) of section 10 – Notification no 103/2022 dated 24-08-2022.
Tax Updates in August 2022
GST Notification Issue during the month of August 2022
E-Invoicing is also applicable w.e.f. 01-10-2022, for registered person having aggregate turnover of Rs 10 crore and above in any of previous financial year starting from FY 2017-18 – Notification No 17/2022 dated 01-08-2022.
GST Circular issued during the month of August 2022
Government issue clarification regarding applicable GST rates and exemptions on certain services – Circular No 177/09/2022 dated 03-08-2022.
GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law – Circular No 178/10/2022 dated 03-08-2022.
Clarification issue regarding GST Rates and Classification (Good) based on the recommendations of the GST Council in its 47th Meeting held on 28th and 29th June 2022 at Chandigarh – Circular No 179/11/2022 dated 03-08-2022.
Tax Updates in August 2022
Other Updates
GSTN enabled GSTR 9 and GSTR 9C for F.Y. 2021-22 on GST Portal.
Government issue Guidelines on issuance of Summons by GST Department – Instruction No 03/2022-23 (GST Investigation) dated 17-08-2022.
Guidelines for Arrest and Bail in Relation to offences punishable under CGST Act 2017 – Instruction No 02/2022-23 (GST Investigation) dated 17-08-2022.
GST Portal Updates:
Enabling CORE Amendment Link for Taxpayers who fail To Update Bank account
Changes in HSN length validation in Form GSTR-1
HSN based validation implemented in Form GSTR-9:
Generation of GSTR-11 based on GSTR-1 / 5 for UIN holders
Updation of Statistics on GST Portal
GST Portal enables Single Click Nil Filing of GSTR-1
Allow tax payer to enter multiple trade names in GST Registration. Taxpayers have been provided with an option to provide 9 additional trade name for a single GSTIN Registration. The limit of cash payment in over the counter (OTC) made has been now restricted to INR 10,000.
Also See, “Form 3D in Excel Format“
Also See, “Statutory due dates in September 2022“
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