Puneet Parmar & Associate's

13/12/2022

01/08/2022

*Reducing ITR verification period from 120 days to 30 days w.e.f. 01 Aug 2022 CBDT Notification dated 29-07-2022*

22/04/2022

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.

01/04/2022

CBDT extends last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 (the Act)

01/04/2022

New E-Way bill limit extended to Rs. 2 Lakhs in Rajasthan from 1st April 2022

08/02/2022

Average monthly gross GST collection for third quarter of FY 2021-22 is Rs.1.30 lakh crore
Record GST collection of Rs.1,40,986 crore reported for January, 2022

11/01/2022

Updates:

1. *Tax Audit*: In view of the prevailing Covid-19 situation, the CA Institute has knocked the doors of Central Board of Direct Taxes (CBDT) seeking waiver of penalty and other consequences for any delay in filing of audit reports (for AY21-22) of certain taxpayers beyond January 15, the recently extended due date for filing such reports.

2. *GST*: No Denial of ITC if transactions were genuine & supplier registration cancelled thereafter- Calcutta High Court : LGW Industries Limited & Ors. Vs Union of India & Ors.

3. *GST*: Transitional Credit allowed to be taken through GSTR-3B. Case Name : Nodal Officer, Jt. Commissioner Vs Das Auto Center (Calcutta High Court)

4. *HSN*: Central Board of Indirect Taxes and Customs had issued update dated January 6, 2022 regarding advisory on Revamped Search HSN Code Functionality. The Search HSN functionality was earlier given as a measure of facilitation to the taxpayer to search the Technical Description of any particular HSN code of any goods and/or service used in the Trade, vis-a-vis HSN description in the Customs Tariff Act, 1975.

5. *For COVID-19*: India will become the largest global hub for Covid-19 antiviral general drug production after the drug controller granted emergency-use authorisation to several pharmaceutical companies in the country to manufacture and market generic versions of molnupiravir, Fitch Solutions said.