05 June

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Due Date for Payment of First instalment of Advance Tax is 15th June 2022 for AY 2023-24

This is to bring to your kind attention that the due date for payment of first instalment of advance tax for the financial year 2022-23 is 15.06.2022. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 31st March 2023 (4th quarter) and hence no requirement of making payment in instalments. Kindly let us know for any help or clarifications in this regard....

12 May

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Vishnu Daya Newsletter – May 2022

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We are pleased to present our monthly newsletter for the month of May 2022....

07 May

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Due date for filing of Form 61A for Reporting Year 2021-22 is 31st May 2022

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Section 285BA of the Income-tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction. Below is the list of the reportable transactions for the Listed and Unlisted Companies: • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company). • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring shares...

30 April

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Increase in minimum wages

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Please note, like every year, there has been change in the minimum wages. Please find attached herewith the minimum wages applicable for shops and commercial establishments in Karnataka effective April 2022. Different notifications are issued for different set of industries, you need to refer the one applicable to your company. Attached also the list of different industries for your reference. Take care of the same while processing the payroll for April. ...

30 April

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Unspent CSR amount – ongoing project

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The last date to transfer the un spent CSR amount which are allocated to ongoing projects pertaining to financial year 2021-22, to separate bank account is April 30, 2022....

26 April

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CBDT notifies additional conditions for mandatory income tax return filing by persons specified under Sec.139(1)(b)

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CBDT, vide Notification No. 37/2022 dated. April 21, 2022, notifies Rule 12AB by Income-tax (Ninth Amendment) Rules, 2022. Rule 12AB contains additional conditions for furnishing return of income by persons referred to in Section 139(1)(b) read with clause (iv) of 7th proviso to Section 139(1). The conditions are that during the tax year : (i) total sales, turnover or gross receipts in the business exceeds Rs.60 Lakh; or (ii) total gross receipts in profession exceeds Rs.10 Lakh; or (iii) aggregate of TDS and TCS is Rs.25,000/- or more, but Rs.50,000/- or more for an individual resident aged 60 years or...

26 April

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Due date for filing Form 10BD for entities having approval u/s 80G is 31st May, 2022

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Every trust approved u/s 80G is required to furnish the statement of particulars of donation (Form 10BD) in respect of each financial year beginning from F.Y. 2021-22. Form 10BD is also required to be furnished by research institutions, colleges, universities or other institutions under clause (i) to section 35(1A) of the IT Act. Form 10BD is to be filed electronically through the e-portal of Income Tax Department. The Form 10BD relevant to a financial year has to be filed on or before 31st May of the subsequent financial year. Hence for the FY 2021-22, the form has to be submitted...

20 April

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Due date for filing form MSME-1 is 30th April, 2022

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20 April

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last date for filing form MSME-1 is 30th April, 2022

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Applicability of filing of e-form MSME-1 is as follows:  A company which fulfils the below mentioned checkpoints, then such a company needs to file an e-form MSME-1:  Company is having MSME registered vendors;  Company made payment to such MSME vendor after 45 days from date of acceptance of goods/services during the half-year; ...

20 April

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Due date for filing form MSME-1 is 30th April, 2022

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MSME-1 form is released from MCA portal today for the half year - 1st October, 2021 to 31st March, 2022. The last date for filing form MSME-1 is 30th April, 2022. There is no filing fees for this filing. Applicability of filing of e-form MSME-1 is as follows:  A company which fulfils the below mentioned checkpoints, then such a company needs to file an e-form MSME-1:  Company is having MSME registered vendors;  Company made payment to such MSME vendor after 45 days from date of acceptance of goods/services during the half-year; Please feel free to contact us for any clarifications or...

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