09 August

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Vishnu Daya Newsletter – August 2022

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

06 August

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GST Update

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CBIC has issued three circulars clarifying several issues related to taxability and exemptions on 03.08.2022. It is clarified that GST is not applicable on liquidated damages, notice period recovery, cheque bounce charges, and so on. The summary of the clarifications is attached along with this email. For any queries, kindly contact: [email protected] [email protected] ...

15 July

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GST Updates

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The GST Council conducted 47th Council meeting on 29.06.2022 and announced several changes to the rate of tax and exemptions. Consequent to the meeting, CBIC has issued notifications notifying the changes in the rate of tax on 13.07.2022. The summary of the changes to rate of tax are summarised in the attached document. Considering that it is a general note, if any changes are applicable to you, kindly obtain specific clarifications/opinion. In case of any clarifications required, kindly contact: [email protected] [email protected] ...

12 July

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Vishnu Daya Newsletter – July 2022

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

12 July

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GST Updates

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The GST Council conducted 47th Council meeting on 29.06.2022 and announced several changes to the GST Provision and Procedures. Consequent to the meeting, CBIC has issued notifications notifying the changes in the GST procedures and clarifying certain issues. The summary of the changes to the procedures and the clarifications issued are summarised in the attached document. The rate of tax changes is yet to be notified and we shall share the same once notified. In case of any clarifications required, kindly contact: [email protected] [email protected]...

28 June

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Foreign Liabilities and Assets (FLA) Return – Due date – July 15, 2022

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The Foreign Liabilities and Assets (FLA) Return, is required to be submitted to RBI by the entities which have received foreign direct investment and entities which have made overseas investments in any of the previous years. The FLA Return has to be submitted through online portal of RBI and the due date for submitting the same for the financial year ended March 31, 2022 is July 15, 2022....

23 June

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Due date for filing the Income-tax returns for FY 2021-22 is 31st July 2022.

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This is to be noted that the due date for filing the Income-tax returns for FY 2021-22 is 31st July 2022 in case of following taxpayers who is non corporate assessee and whose books of account are not required to be audited. 1. All individual assessees without tax audit 2. Partnership firm and LLP without audit 3. Trusts having total gross receipts less than Rs. 2.5 lakhs 4. Association of persons (Welfare association, Apartment association) Kindly take care of this compliance and for any assistance in this regard, please send mail to below mail addresses: To: [email protected] [email protected] [email protected] CC: [email protected]...

21 June

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Due date for filing Annual Performance Report is 30th June 2022.

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This is to be noted that the due date for filing auditor certified Annual performance Report for the Financial year 2021-22 by the entities which are registered as export-oriented units, STPI units and Non-STPI units is 30th June 2022....

20 June

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Key points on deduction of tax at source under Section 194R of Income Tax Act, 1961

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The Finance Act, 2022 had inserted a new section 194R to the Income-tax Act, 1962 providing for deduction of tax at source (TDS) on benefit or perquisite in respect of business or profession. TDS under section 194R is applicable with effect from 01-07-2022. A brief analysis on section 194R is attached herewith to understand the provisions of the section. Let us know for any concerns in this note....

17 June

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Due Date for filing Form DPT 3 – June 30, 2022

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Form DPT-3 shall be filed by all those companies which are in receipt of money in any form (i.e. Loan, advance, deposits, etc.) and which is outstanding as on March 31, 2022. The form shall be filed on or before June 30, 2022. Form DPT-3 is applicable for receipt of money by the company in any form whether such money is considered as Deposits or Exempted-Deposits and requirement of filing form DPT-3 is applicable for both Deposits as well as Exempted-Deposits. ...

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