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 of 2022 dated 09-06-2022.
CBDT issue notification for reversion / deployment and re-designation of the exiting posts of Income tax Authorities – Notification No 60/2022 dated 10-06-202.
Also check and save your time in tax audit – Form 3CD in Excel Format
Central Board of Direct Tax direct the Income tax authority as mention in notification, to facilitate the conduct of Faceless Assessment proceedings under section 144B of Income tax act – Notification No 61/2022 dated 10-06-2022.
Cost Inflation Index 331 notify for Financial Year 2022-23 – Notification No 62/2022 dated 14-06-2022.
Central Government notify the transfer of capital asset from NTPC Limited to NTPC Green Energy Limited under the plan approved by central government on 21-03-2022. – Notification No 63/2022 dated 15-06-2022.
Rule 21AI(2A) and Rule 21AIA has been inserted in Income tax Rule 1962. These rules specify the conditions to be fulfilled by a specified fund referred to in Section 10(4D) – Notification No 64/2022 dated 16-06-2022.
Central Government specify that no deduction of tax under section 194-I of Income tax Act on payment in the nature of lease rent or supplemental lease rent, by a person to a person located in International Financial Service Center for lease of an aircraft subject to conditions mentioned in notification – Notification No 65/2022 dated 16-06-2022.
Rule 10TD sub-rule (3B), the assessment year 2022-23 has been included. – Notification no 66/2022 dated 17-06-2022.
Tax deduction under section 194S to be deposited within a period of 30 days from end of month in which tax deduction made. Tax to be deposited through Form No 26QE. Tax Deduction certificate in Form No 16E to the payee within 15 days from due date for furnishing Form No 26QE – Notification No 67/2022 dated 21-06-2022.
CBDT specify the court in the state of Uttarakhand for the purpose of section 280A of income tax Act 1961 and Section 84 of the Black money and imposition of Act 2015 – Notification no 68/2022 dated 24-06-2022.
Format, Procedure and Guidelines for submission of Form No 1, Form No 2 and Form No 2A for Securities Transaction Tax (STT) – Notification no 2 of 2022 dated 24-06-2022.
Government specifies the sovereign wealth fund (Seventy Second Investment Company LLC) as the specified person for the purpose of Section 10(23FE) in respect of investment made by it in India on or after 27-06-2022 but on or before the 31-03-2024, subject to conditions mentioned in notification – Notification no 69/2022 dated 27-06-2022.
CBDT notify the variation 1% for whole sale price and 3% for other cases, between the arm’s length price determined under section 92C of the said act and the price at which the international transaction or specified domestic transaction has actually been undertaken – Notification no 70/2022 dated 28-06-2022.
Further amendment in department structure – Notification No 71/2022 dated 28-06-2022 and Notification No 72/2022 dated 28-06-2022.
Income Tax Circular Issue during the month of June 2022
Clarification regarding Form No 10AC issued till the date – Circular No 11/2022 dated 03-06-2022.
Guidelines for removal of difficulties under section 194R(2) of the Income Tax Act – Circular No 12/2022 dated 16-06-2022.
Guidelines for removal of difficulties under section 194S(6) of the Income Tax Act – Circular No 13/2022 dated 22-06-2022.
Order under section 119 of the Income tax Act 1961 in relation to TDS under section 194S for transaction other than those taking place on or through an exchange – Circular No 14/2022 dated 28-06-2022.
GST Notification Issue during the month of June 2022
Waiver of interest for specified electronic commerce operators for specified months – Notification no 08/2022 – Central Tax dated 07-06-2022.
Other Tax / GST Updates
The CBIC has issued the Good and service Tax Rule 2022 w.e.f. 1st July 2022, to extend the period for levy and collection of Compensation Cess under Section 8(1) of GST Act 2017, upto 31st March 2026.
CBIC issue procedure relating to sanction, post audit and review of refund claims – Instruction No 03/2022 dated 14-06-2022- GST
The Good and Service Tax department has issued an advisory asking the taxpayer opted for QRMP (Quarterly Return Monthly Payment) to pay their taxes on or before due date in order to avoid interest for late payment.
Commerce Ministry launches Indian Business Portal to help Indian exporters for global visibility.
GSTN has issued advisory regarding availing Input Tax Credit as per law and GSTR 2B for the May 2022.
DGFT extended the last date for filing of annual report under EPCG scheme for the year 2022-23 till 30th September 2022 – Public Notice No 13/2015-2020 dated 09-06-202.
Amendment in Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23 – procedure for compulsory selection in such cases – F. No. 225/81/2022-ITA-II, dated 03-06-2022.
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