Prabhat Consultancy

INCOME TAX FILING REMINDER – 001

Greeting from the Prabhat Consultancy

Dear Sir/Madam,

Kindly Submit Documents/Details/Data well in advance for smooth processing and filing Income Tax Return for the Financial Year 1.4.2021 to 31.3.2022 (Assessment Year 2022-23).

Prabhat Consultancy
(Team of Tax Expert)

Address:
Shop No 7 M G Shopping Centre , Vartak Road , Below Joshi Hospital ,
Virar (West)
Taluka : Vasai
District : Palghar
Pincode: 401303

Contact-
Vikhil Jain
📲:8097725524 / 📲7021770755
📧: [email protected]

Office Timings 10 am to 7 pm

Documents & Information Required to File ITR

1. PAN Card
2. Aadhaar Card
3. Bank Passbook Or Account Number & IFSC Code
4. Amount of Interest in Saving Account & FDR
5. Tax Saving Investment Proof like EPF, PPF, tax-saving mutual funds, LIC,
NPS, Health insurance premiums paid for self, spouse, and/or children etc.
6. Home Loan Interest Certificate
7. Form 16 or Form 16A
8. Detail of Rent Paid if Rented
9. Details of Capital Gains if available
10. Other Income Details

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Budget updates - Direct Tax & GST:

Direct Tax

- Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY

- Reduced AMT rates for Co-operatives from 18.5% to 15%

- Reduced surcharge for Co-operatives with total income of 1cr to 10Cr

- Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years

- Deduction for National Pension Scheme for State Government employees u.s 80CCC made at par with Central Govt.

- Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks

- Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)

- Virtual digital assets (Cryptocurrency):
Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than cost of acquisition; No set off of losses

TDS @ 1% on consideration above specific threshold
Gift to be taxed u.s 56(2)(x)

- No repetitive appeals for common question of laws

- Off-shore banking units/ IFSC income to be provided exemptions

- Surcharge of certain AOPs to be capped at 15%

- Surcharge on Long Term Capital Gains on any assets to be capped at 15%

- Health and education cess not allowable as business expenditure u/s 37

- No set off of losses against undisclosed income detected during search

GST

*Key-highlights of GST Proposals in Finance Bill 2022:*

1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September.

2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B.

3. Composition Tax Payer’s Registration can be cancelled suo-moto if they have not filed their GSTR-4 return beyond 3 months from the due date.

4. Credit Notes in respect of supply made in a financial year can be issued by 30th November of next financial year (currently allowed till 30th September)

5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till 30th November of next financial year (currently allowed till 30th September).

6. The two-way communication process in filing GST returns is scrapped.

7. The due date for filing return by non-resident taxable person is prescribed as 13th day of next month

8. Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a “provisional” basis.

9. Section 47 of the CGST Act is being amended so as to provide for levy of late fee for delayed filing of TCS returns.

10. Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the electronic credit ledger.

11. Section 49 of the CGST Act is being amended so as to allow transfer of amount available in E- cash ledger of a registered person to the E- cash ledger of a distinct person;

12. Section 49 of the CGST Act is being amended so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger

13. Section 50(3) of the CGST Act is being substituted retrospectively, with effect from the 1st July, 2017, so as to provide for levy of interest on input tax credit wrongly availed and utilized. (Meaning thereby Interest will not be levied if ITC is not utilized)

14. Refund claim of any balance in the electronic cash ledger shall be made available.

15. Rate of Interest u/s 50(3) prescribed as 18% in all cases.

Our services
ITR FILLING
GST REGISTRATION
GST RETURN FILING
TDS FILLING
MSME REGISTRATION
BOOKKEEPING
COMPANY INCORPATATION
TRADE REGISTRATION

Call or WhatsApp
7021770755 OR
Mail your documents
[email protected]