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 inserted for manner of computing minimum investment and exempt income for the purpose of section 10(23FE) – Notification No 50/2022 dated 06-05-2022.
3. Form Nos 3CF, 10A, 10AB, 10BD, 10BE amended vide the Income tax Rules 2022 – Notification No 51/2022 dated 09-05-2022.
4. Director of Income Tax (CPC), Bengaluru is only authorized for receiving application in Form10A – Notification No 52/2022 dated 09-05-2022.
5. Amendment in Rule 114 and insertion of New Rules (Rule 114BA and Rule 114BB), prescribing transactions quoting PAN / Aadhaar mandatory – Notification no 53/2022 dated 10-05-2022.
6. Faceless Penalty Scheme 2021 amend by Faceless Penalty (Amendment) Scheme 2022 – Notification No 54/2022 dated 27-05-2022.
7. Amendments to give effect to the faceless Penalty (amendment) scheme made under section 274(2A) of the income tax act – Notification no 55/2022 dated 27-05-2022.
8. Authorised “Assistant commissioner of Income Tax” / “Deputy commissioner of Income Tax (International Taxation)”, Circle – 1(1)(1), Delhi to act as the “Prescribed income tax authority” for notice issue under section 143(2) of the Act. – Notification No 56/2022 dated 28-05-2022.
9. Rule 44FA inserted after rule 44F. Rule 44FA prescribed the form and manner of filing appeal to the High Court on ruling pronounced or order passed by the Board for Advance ruling under section 245W(1) – Notification No 57/2022 dated 31-05-2022.
10. Central Government notifies “National Biodiversity Authority”, established under the Biological Diversity Act 2002 – Notification No 58/2022 dated 31st May 2022.
Income Tax Circular Issue during the month of May 2022
1. CBDT issues Guidelines under clause (23FE) of section 10 of the Income tax Act 1961 – Circular No 09/2022 dated 09-05-2022.
2. Circular regarding use of functionality under section 206AB and section 206CCA of the Income Tax Act 1961. – Circular No 10/2022 dated 17-05-2022.
GST Tax updates in May 2022
GST Notification Issue during the month of May 2022
1. Extension of Due date for filing GSTR 3B for the month of April 2022 – Notification No 05/2022 – Central Tax Dated 17-05-2022.
2. Extension of due date for payment of GST in Form GST PMT – 06 for the month of April 2022 – Notification No 06/2022 Central Tax dated 17-05-2022.
3. The CBIC has waived the late fee for GSTR-4 for the Financial year 2021-22 till 30th June 2022. GSTR-4 is a GST Return that has to filled by a composition dealer – Notification No 07/2022 – Central Tax dated 26-05-2022.
Summary of other Tax updates in May 2022
1. CBDT issue guidelines for compulsory selection of returns for complete scrutiny during the Financial Year 2022-23 – F. No. 225/81/2022-ITA-II, dated 11-05-2022.
2. The GST department has clarified that during the course of search or inspection or investigation proceedings, the taxpayers have option to pay the GST dues through the official portal. here is no mandatory recovery of tax dues in search or inspection or investigation – Instruction No 01/2022-23 (GST – Investigation).
3. The CBIC has issued a SOP (Standard operating Procedure) for NCLT (National Company law Tribunal) cases in respect of the Insolvency and Bankruptcy Code 2016 – Instruction No. 1083/04/2022 dated 23-05-2022.
4. Haryana Government issue advisory on taxpayer friendly measures relating to ITC blocking, physical inspection etc.-
5. The GST portal has enabled the new functionality to add “Additional Trade Name” under the same Good and Service Tax Identification Number (GSTIN). Now it is easy to do multiple businesses under the same legal name with a different trade name.
6. The CBIC (Central Board of Indirect Taxes) has issued the manual processing of declarations filed by the co-notices under Sabka Vishwas (Legal Dispute Resolution) scheme 2019.
7. In GSTR – 1, the Goods and service Tax Network adds new rate of 6% to composition taxpayers. The GSTN has been introduced a new rate of tax 6% on certain goods vide notification No. 02/2022 dated 31st March 2022.
8. CDBT has extended the timeline to update the UDIN (unique Documents identification Number) for practicing Chartered Accountant till 30th June 2022.
9. MCA – Relaxation in paying additional fees if there is delay in Filing Form 11 (Annual Return) by LLP up to 30th June 2022.
Also See, “How to file a TDS Return”.
Also See, “E-Invoice provision under GST”
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