Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) related to Amendments In The Fourth Schedule, Change In Effective Rate Of Additional Basic Excise Duty On Unblended Petrol And Diesel, Amendments In The Schedule VII Of The Finance Act, 2001 (NCCD SCHEDULE) an d other Changes [Including Certain Clarifications/Technical Changes]. EXCISE Note: (a) “Basic […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the CGST Act, 2017, Amendments in the IGST Act, 2017, Amendments in the UTGST Act, 2017 and Retrospective Amendments of GST Rate Notifications. Goods and Service Tax Note: (a) CGST Act means Central Goods and Services Tax Act, 2017 (b) IGST […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the Customs Act, 1962 Other Legislative Amendments Pertaining To Customs, Amendments in the First Schedule to the Customs Tariff Act, 1975, Pruning and Review of Customs Duty Concessions/ Exemptions, Proposals Involving Changes in Effective Basic Customs Duty Rates In Respect Of […]
A new Section 139(8A) is proposed to be introduced to provide for furnishing of updated return under the new provisions. Time limit: File Updated return within 2 years from the end of Assessment Year – Applicable from AY 2022-23 Eligibility: File updated return of income by any person, whether he has filed a return previously […]
Key takeaways from the Budget speech 2022-23 Direct Tax reform Taxation on transfer of virtual digital Asset : > Taxed @30% > No Deduction allowed on any expenditure or allowance except Cost of Acquisition > Loss on transfer is not allowed to be set off any other income. > TDS @1% on payment for transfer […]
The product ‘Fly Ash Bricks’ manufactured and supplied by Dipakkumar Ramjibhai Patel (M/s. Mahalaxmi Cement products) are classifiable under Tariff item No.68159910 of the First Schedule to the Customs Tariff Act, 1975(51 of 1975)
17 GST Proposals on 01.02.2022 The Amendments carried out in the Finance Bill, 2022, vide clause 99 to 113 will come into effect from a date to be notified and clause 114 to 123 will come into effect on the date of its enactment. 1. Additional Condition for availment of ITC u/s 16(2)- ITC can […]
Table Showing Annual Filings to ROC with Details of the Form, Applicability Sections, Due Date and Type of Companies SI. No. Name of the Form Detail of Form Due Date Section Applicable Applicability 1 AOC4 / AOC-4 CFS / AOC-4 CFS XBRL / AOC-4 XBR L/ AOC-NBFC / AOCF -4 CFS NBFC Financial Statements And […]
Tax Compliance and Statutory due dates for February, 2022 Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual filing, a business […]
Budget 2022 Highlights on Direct Tax: 30 Key Take Aways on Income Tax Proposals 1. Belated Return Term Re-introduced As Updated Tax Return: A new sub-section (8A) in section 139 is proposed to be introduced to provide for furnishing of updated return under the new provisions. an updated return of his income or the income […]
