CA Piyush Agarwal

CBDT issues Notification No.31/2023 dt 24.05.2023 increasing limit for tax exemption on leave encashment for non-government salaried employees to Rs.25 lakh w.e.f. 01.04.2023.

ITR 1 / ITR 2 / ITR 3 and ITR 4 filing started for AY 2023-24.

ITR-1 and ITR-4 Excel-Based Utility Release for F.Y. 2022-23 (A.Y. 2023-24), Now Ready for Filling of ITR

Time limit for Reporting Invoices on the IRP Portal

Last date for linking of PAN-Aadhaar extended till 30-June-2023.

Fee will be same as earlier 1,000/-

Roll out of ‘AIS for Taxpayer’ Mobile App

Application Link https://play.google.com/store/apps/details?id=io.lntinfotech.AIStaxpayer

E-invoice Portal will mandate 6 digit HSN codes for Taxpayers having Turnover > 5 Crores

Portal will block e-invoices generation for such taxpayers with 4 digit HSN codes

Introduction of Negative Values in Table 4 of GSTR-3B

GST Council meeting updates

New article is published on the topic of :-

"Section 194-IA of Income Tax Act, 1961-TDS on Sale of Immovable Property"

https://taxguru.in/income-tax/section-194-ia-income-tax-act-1961-tds-sale-immovable-property.html

https://www.caclubindia.com/articles/section-194ia-of-it-act-1961-tds-on-sale-of-immovable-property-48450.asp

Best Regards,
*CA. PIYUSH AGARWAL*

Section 194IA of IT Act, 1961 - TDS on Sale of Immovable Property Section 194IA is inserted by Finance act 2013 and it is applicable from 01st of June, 2013.

New article on the topic of :-

"Section 194-IA of Income Tax Act, 1961-TDS on Sale of Immovable Property"

https://taxguru.in/income-tax/section-194-ia-income-tax-act-1961-tds-sale-immovable-property.html

Best Regards,
CA. PIYUSH AGARWAL

Section 194-IA of Income Tax Act, 1961-TDS on Sale of Immovable Property Section 194IA is inserted by Finance act 2013 and it is applicable from 01st of June, 2013. A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable. On Installments or Loan If the purchase value is greate...

The Goods and Services Tax Network (“GSTN”) has enabled the functionality to furnish a Letter of Undertaking (“LUT”) for the Financial Year 2023-2024 on the GST Portal.

Happy New Year 2023 ✨💖

*Table-8A (ITC from GSTR-2A) of GSTR-9 for FY 2021-22 has been updated based on GSTR-1/IFF/GSTR-5 filed by Supplier upto Nov 30, 2022*

For regular updates

CA/CMA/CS Group (Piyush) WhatsApp Group Invite

GSTN has started allowing the amendment related to FY 2021-22 in October 2022 return period. This in line with the recent amendment in the GST Law wherein amendment can be done upto 30th Nov. of the next FY.

CBDT has extended the due date for filing of Income Tax Return (ITR) for Assessment Year (AY) 2022-23, from 31/10/2022 to 07/11/2022.
https://incometaxindia.gov.in/communications/circular/circular-20-2022.pdf

GSTR 9 and GSTR 9C enabled on GST Portal for FY 2021-22

*GSTN has enabled the option to show return filling frequency*

📰 Now you can check the return filling frequency of any GST registered person. This feature will help you to _*identify the QRMP and Non QRMP dealers*_. You can check the frequency of current as well as for the previous financial year. Steps are as follows:

1. Go to https://services.gst.gov.in/services/searchtp

2. Enter the GSTIN for which you want to check the frequency and enter the captcha

3. Go to the bottom of the page and click on 'Show Return Filling Frequency'

Goods & Services Tax (GST) | Services services

New article on the topic of :-

"Section 194R of Income Tax Act: TDS on perquisites or benefits on business & professions"

https://taxguru.in/income-tax/section-194r-tds-perquisites-benefits-business-professions.html

https://www.caclubindia.com/Articles/section-194r-of-it-act-tds-on-perquisites-or-benefits-on-business-professions-47357.asp

Best Regards,
*CA. PIYUSH AGARWAL*

Section 194R of Income Tax Act: TDS on perquisites or benefits on business & professions Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022. Purpose for Introducing of Sec 194R: It was observed by department that many companies claimed expenses for business promotions by offering various gifts/ perks/ benefits to its dealers (on....

Cost Inflation Index for Financial Year 22-23 is 331.

For FY 21-22 it was 317.

GST Portal Update
New option of additional trade name

PAN Aadhar Link Facility

New article is published in Tax Guru n CAClubIndia on the topic of :-

"Section 139(8A) of Income Tax Act: ITR-U (Updated Income Tax Return)"

https://taxguru.in/income-tax/section-1398a-income-tax-act-itr-u-updated-income-tax-return.html

https://www.caclubindia.com/articles/section-139-8a-of-it-act-itr-u-updated-income-tax-return-47161.asp

Best Regards,
CA. PIYUSH AGARWAL

GSTR-2A can be considered in place of GSTR-2B as interim measure for April’22 month.

Improvements in GSTR-1/IFF

1⃣ Removal of ‘Submit ’ button before filing
2⃣ Consolidated Summary
3⃣ Recipient wise summary
4⃣ Summary PDF

As per the latest notification of Income Tax department dated 21.04.2022, income tax return filing is mandatory for below mentioned persons:

1) Turnover of business exceeds 60 lakhs in a F.Y;

2) Gross receipts in profession exceeds 10 lakhs in a F.Y;

3) TDS and TCS of a person is or exceeds 25,000/- in a F.Y;

4) Aggregate deposit in one or more SB account is 50 lakhs or more in a F.Y.

Applicable from 21.04.2022.