Introduction:

Income tax return filing is an essential financial responsibility for individuals and entities. The assessment year 2022-2023 marks another significant period for taxpayers to fulfill their obligations and reap the benefits associated with filing an Income Tax Return (ITR). This article explores the importance of filing ITR and highlights the benefits it offers to individuals and businesses.

In recent times the applicability on GST on various works contract services have seen some colossal changes. Few notifications were earlier issued in order to set aside the exemption available on supply to government entities and governmental authorities. Now the GST rate on various works contract services have been increased by amending notification no 11/2017- Central Tax (Rate). The changes in serial no 3 of the notification are interleaved in red below and the omitted entries have been marked out.

Annual Aggregate turnover computation (FY 2021-22)

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

• The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).
• The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.

The taxpayer can amend the turnover twice within the month of May 2022.

Income Tax

1. Tax on PF Amount

CBDT has implemented the 25th Amendment to Income Tax Rules, 2021, If the contribution is made above the basic exemption limit then the interest on such contribution will be taxed.

2. Tax on Virtual Digital Assets

Income from the transfer of Any virtual digital assets such as Bitcoin, Crypto, non-fungible tokens shall be taxed at the rate of 30% plus cess and surcharges.

•          Crypto received as a gift will be taxable.

•          Crypto losses cannot be set off against crypto gains or other assets

Direct Tax:-

The new provision will permit taxpayers to file an Updated Return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year. It is an affirmative step in the direction of voluntary tax compliance.

Impact: It will enable the assessee to declare the income that might have missed out earlier while filing the return. The lengthy process of adjudication by the department can be avoided.

Kindly note that, the following are important points to be followed/complied with regards to filing of GSTR- 3B GSTR-1 & Annual Return- GSTR-9, 9C and 9A. Inspite of repeated request. You are not filing monthly return-GSTR-3B and tax within time for the month o f Feb-2020 to March-2020 and April-2020 to June-2020. No submission of return may lead to provisional assessment proceeding it may also attract penalty.

NEW DELHI: Shares of YES Bank climbed 73 percent in Tuesday’s trade after rating agency Moody’s upgraded the private lender’s outlook to positive (from negative) while also upgrading its rating by a notch.
 

EMPLOYEES’ PROVIDENT FUND SCHEME, 1952 (EPF)

Employees Provident Fund Scheme (EPFS) is a long-term retirement saving scheme managed by Employees provident fund organization (EPFO) and it is covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under EPF Scheme, an employee and employer have to pay certain percentage of equal contribution in the provident fund account and on retirement, an employee gets a lump sum amount of contribution made by employer and employee with interest on both. EMPLOYEES’ PENSION SCHEME, 1995 (EPS) The scheme is provided by the Employees’ Provident Fund Organization (EPFO) and ensures that employees receive a pension once they attain the age of 58 years old. Existing, as well as new EPF members, can avail the benefits of the scheme. The employee and employer each contribute 12% of the employee’s basic salary and Dearness Allowance (DA) towards EPF. While the entire share of the employee is contributed towards EPF, 8.33% of the employer’s share goes towards EPS.

The Citizen (Amendment ) bill ,2019 was introduced in lok sabha by the Minister of Home affairs, Mr. Amit Shah ,on December ,2019. The Bill provide the permanent citizenship to such a class " Provided that any person belonging to Hindu, Sikh, Buddhist, Jain, Parsi or Christian community from Afghanistan, Bangladesh or Pakistan,

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Since, most of us must have filed GSTR 3B for the month of October 2019 keeping in mind the new Rule 36(4), one thing we all have understood in GSTR-3B is that the record of calculations is now even more important. One of the biggest challenge now is that how to do the calculations for the month of November 2019 and for the subsequent months to come as we have already taken the provisional credit for the month of October 2019.

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