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Vishnu Daya & Co LLP > NewsletterAlerts (Page 13)
05 June
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Due Date of Furnishing Equalisation Levy Statement (Form-1) is 30th June 2022

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The Due Date of Furnishing Equalisation levy Statement for the Financial year 2021-22 is on or before 30th June 2022. This return has to be filed by the following persons: Assessee who paid Equalisation levy (EL) of 6% on the specified services (Online advertisements services) taken from non-resident service provider. E-commerce operator who paid EL of 2% of the amount of consideration received or receivable from the e-commerce supply or services made or provided or facilitated by him. Penalty clause: If the assessee or E-commerce operator failed to furnish the Equalisation levy statement within the above prescribed time, he has to pay a...

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

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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....

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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...

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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. ...

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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...

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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...

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Vishnu Daya & Co LLP is a Professional Services Firm under which dedicated professionals have developed core competence in the field of audit, financial consulting services, financial advisory, risk management, direct and indirect taxation services to the clients.

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Vishnu Daya & Co LLP

Chartered Accountants
GF 7 & 3rd Floor,Karuna Complex
No. 337, Sampige Road, Malleshwaram
Bangalore - 560003

Phone: +91-80-23312779
Fax: +91-80-23313725

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