Changes From 1st April 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.

 

  1. 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 gift will be taxable.

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

 

  1. Filing of Updated or Revised Income Tax Return

A new provision is introduced that allows filing updated/Revised income tax returns within a period of two years from the end of the relevant assessment year, earlier it had a window of 5 months from the due date of filing the income tax return.

 

Goods and Services Tax

  1. E-Invoicing

The CBIC has reduced the turnover limit for issuing E-invoices under the goods and Services to Rs. 20 Cr. From the earlier limit of Rs. 50Cr.

 

Companies Act, 2013

  1. Audit Trail Feature

The MCA has inserted the new clause g in the Companies (Audit & Auditor) Rules, 2014 directing companies that use accounting software for maintaining their books of account is required to have an Audit Trail (i.e. such software should be capable of maintaining an edit log) feature. The provision will be applicable to all kinds of companies.

 

For example: if any entry is being altered, then such software should be capable of recording the detail of both altered entries, as well as old entries along with the date of such alteration.

 

For any queries or Clarifications required, you may contact me:

CMA Ankit Bahuguna                                                                  9910790859

Practicing Cost Accountants                                                      cmaankitbahuguna@gmail.com

Comments

2022-08-14 12:29:30

rieor6