Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates, or proof. On registration, an enterprise (referred to as ‘Udyam’ in the Udyam Registration portal) will be assigned a permanent identification number […]
Taxation of virtual digital assets- Union Budget 2022 Hello readers, Today I will discuss taxation of virtual digital asset in simplified manner- As we know new scheme of taxation has been introduced for virtual digital asset in the Finance Bill. What is virtual Digital Asset? ‘’Virtual Digital Asset’’ means any information or code or number […]
यह प्रस्तावित 30% आयकर 1 अप्रैल 2022 से और 1% का टीडीएस 1 जुलाई 2022 से प्रभावी होगा, जो वित्तीय वर्ष 2022-23 से प्रभावी होगा। पिछले कुछ वर्षों में डिजिटल संपत्ति में लेनदेन तेजी से बढ़ा है। बजट 2022 में माननीय वित्त मंत्री श्रीमती निर्मला सीतारमण ने वर्चुअल एसेट क्लास में क्रांतिकारी बदलाव की घोषणा […]
Introduction Hon’ble Finance Minister Nirmala Sitharaman has presented her fourth Budget on 01 Feb 2022. The budget proposes a new new set of return concepts known as “Updated Return.” There have been three versions so far: -Original Return, -Revised Return, and -Belated Return, Finance Bill 2022 has introduced new concept of “Updated Return.” Budget proposes […]
Article explains changes vide Union Budget 2022 related to Changes in Input Tax Credit, Additional Condition of taking Input Tax Credit, Auto generated statement – Input tax, Extension of Due date for availing ITC, Availment of input tax credit, Restriction on credit usage, Cancellation of GST Registration, Extension of last date for issuance of credit […]
Key proposed amendments to CGST Act, 2017, which would be effective from the date to be notified, upon enactment of Finance Bill, 2022, unless otherwise specified Customs & SEZ Key Update 1. Inclusion of officers under DRI, audit and preventive formation as the “proper officer” under Customs law, retrospectively. Once the proposed amendment comes into […]
There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions. Under Income Tax Act, 1961 there exists a […]
Amendments proposed in the CGST Act, 2017 To be effective from the date of enactment of Finance Bill, 2022 ♦ Amendment in Section 50 Sub-section (3) of section 50 of the CGST Act is proposed to be substituted retrospectively, with effect from the 01.07.2017, so as to provide for levy of interest on input tax […]
The Finance Minister has announced the Union Budget 2022 with renewed focus on making India resilient and better digital prowess. Amongst the amendments proposed in the Finance Bill towards various objectives, one of the measures to augment tax revenue of the Government is the proposed withdrawal of the concessional tax regime for foreign dividends. Section […]
♦ Virtual digital asset is proposed to mean any information or code or number or token excluding currency of any country. (it includes cryptocurrency or other asset exist in digital mode and also carrying trade value in digital platform only*) ♦ Generated through cryptographic means or otherwise. (Cryptography is process of converting plain text into […]
