Jaiswal & Associates

Discontinuance of NHAI 54 EC bonds with immediate effect

New Reporting Provisions for Audit Reports - इसकी आखिरी तारीख 30th September है, करदाताओं को जानकारी देने में आ रही परेशानी ▶हर खर्च का मिलान GST रिटर्न से करना अनिवार्य, कठिन हुआ tax audit..

File Your Income Tax Return Before 31 July and avoid late fees.
Contact us to file your ITR Today.

*Union Budget 2022-23*

*Highlights of Part A of Budget Speech*

• Budget focuses on PM Gatishakti, Climate Action, financing of investment & Inclusiveness.
• National Highways network to be expanded by 25000 km in 2022-23
• 400 new generation Vane Bharat trains with battery energy to be introduced
• 8 contracts for 60 km ropeway program to be awarded in urban areas and hilly states
• Use of Kisan Drones to be promoted
• ECLGS to be extended for MSMEs till March 2023
• Supplementary education for class 1 to 12 - TV channels to be augmented from 12 to 200
• National Mental Program to be rolled out
• Transfer of funds from postal and bank accounts to be operationalised
• e-Passport with embedded chips to be rolled out
• 75 digital banking units to be set up in 75 districts
• Govt to introduce battery-swapping policy for EVs
• Voluntary winding-up of companies - Period to be reduced from 2 yers to 6 months
• Surety bond to substitute Bank Guarantee in govt procurement contracts
• Spectrum for 5G services to be auctioned in 2022-23
• RBI to issue Digital Rupee in FY 22-23 using Block Chain Technology

*Highlights of Part B of Budget Speech: Direct Tax*

• A completely paperless, e-bill system will be launched by ministries for procurement
• Alternate minimum tax for cooperative societies down from 18.5% to 15%
• New provision to file updated return within 2 years of relevant assessment year
• No set off of any loss to be allowed against undisclosed income detected during Search
• Health & Education Cess not allowable as business expenditure
• Surcharge across board including long-term capital gains reduced
• Virtual Digital Assets - Capital gains from transfer of such assets to be taxed at 30%; Loss not to be allowed to be set off
• Concessional Corporate tax regime - Date for commencement of manufacturing extended by one more year
• Tax incentives to be available for Start-ups registered till March 2023
• Fiscal deficit pegged at 6.4% for next year
• Total expenditure in next fiscal to be Rs 39.5 lakh crore

On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued. https://t.co/2Ggata8Bq3

GSTR-2A has been removed from the GST Portal for the month of January 2022 and onwards, only GSTR-2B shall be available.

GSTR-2A till December 2021 shall be available.

Recommendation of 46th GST Council Meeting.

Revision of GST rates in Textile Sector deferred. Existing rates of GST in textile sector would continue beyond January 01, 2022.

DUE DATE EXTENSIONS

*GST Annual Return & Reconciliation*
The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued.

*MCA UPDATE*
Relaxation on levy of additional fees is given till 15.02.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 28.02.2022 for MGT-7/MGT-7A for the financial year ended on 31.03.2021
This means, No Extension for ADT-1 & LLP Returns
AOC-4 extended to 15.02.2022
MGT-7 to 28.02.2022

In view of the difficulties being faced by the taxpayers, the Central Govt has extended certain timelines. CBDT Notification No. 113 of 2021 in S.O. 3814(E) dated 17th September, 2021.

On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued. https://t.co/FXzJobLO2Q

Income Tax India on Twitter “On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.”

Need accountant/junior accountant for mediocre size tax consultancy firm.... if interested contact to 9831826878/7980668865/9932122638 or send your resume to [email protected]

Notification of due date extension....
Granting major relief to taxpayers facing hardship due to the severe pandemic & in view of representations recd, the Central Govt extends certain timelines for compliances under IT Act. CBDT Circular No.9/2021 dated 20.05.2021 issued. Circular available on https://t.co/loEeiuxjTf https://t.co/EFfzvCCRGD

**Extension**

Filing of I T belated return and revised return for FY 2019-2020 extended. Now you can file on or before 31 May 2021.

Extension of GST filing due date vide Notification Nos. 10/2021, 11/2021, 12/2021, 13/2021 and 14/2021

SIGNIFICANT CHANGES IN INCOME TAX THAT WOULD COME
WITH EFFECT FROM 1ST APRIL 2021

Attention Taxpayers! 15.03.2021 is the due date to pay your last installment of Advance Tax. Pay on time and avoid interest.

Upcoming changes in Table-12 format of GSTR-1 Return

1. Changes in format of GSTR-1 Return
2. Changes in number of digit of HSN Code to be reported

🚧 *Business Services* 🚧

🎯 *GST Registration and Returns*
🎯 *Food License*
🎯 *Shop Act License*
🎯 *MSME, Udyog Aadhar*
🎯 *Income Tax Returns & Audit*
🎯 *Proprietorship Registration*
🎯 *Partnership Firm Registration*
🎯 *LLP Registration*
🎯 *Private Limited Company*
🎯 *Trademark Registration*
🎯 *Import Export Code (IEC)*
🎯 *ESIC, PF, PT*
🎯 *Digital Signature*
🎯 *Company Compliances (ROC)*
🎯 *ISO 9001:2015*

🤝🏻 Jaiswal & Associates

Stay informed and gear up for the next tax season!!!

Clarification about Old Tax Regime and New Tax Regime!!!

Direct tax proposals at a glance:

1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2. Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3. Dispute resolution committee: it will be faceless: anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

5. Tax Audits: digital transactions from 5 cr to 10 cr

6. Advance tax liability on dividend will arise only after declaration of dividend

7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

8. 80IBA: extended 31.3.2022

9. Tax incentive of affordable renting housing project

10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12. Late deposit of employee contribution of PF will now be not allowed as deduction.

Press Note

Hello everyone..
We wish to bring your attention to a simple yet quite effective change you can bring by using an option given by the Department. Also, you have to make that decision before the 31st of January.

If your Turnover is upto Rs 5 Crores, you can opt for Quarterly Return Monthly Scheme (QRMP) instead of the Regular Monthly Scheme as per the choice given by the Department.

We suggest using the regular scheme from what we have experienced with many of our customers and associates.

These are the top reasons:

- You have to give the details of the sales every month either in GSTR 1 and Invoice Furnishing Facility (IFF), so you might as well file the Return.
- You have to make Tax payments every month, whether it is the case of GSTR 3B or the PMT 06.
- If you do these in the Regular scheme, you will face no reconciliation issues at the end of 3 months.

However, many businesses feel that the QRMP option is more convenient; we respect their decision and are sure that you will be making the decision considering all the factors involved in your Business.

But make sure to make the decision Today, as 31st January is the last date for making the decision and intimidating the Department.

If you have any doubts about the options given by the Department, or anything related to GST,

Contact us, and we will ensure to resolve your doubts and give a solution that makes sure you won't have to face any GST problem in the future!!!

Best regards

Upcoming changes in GST.. QRMP