1. The Ministry of Corporate Affairs (MCA) has extended the due date of Audit Trail Applicability till April 1st 2023 under the provisions of the Companies Act, 2013 by amending by notifying the rules, i.e., Companies (Accounts) Second Amendment Rules, 2022.
2. For Financial Year 2022-23
If Aggregate Turnover is upto 5 Crore, 4 Digits HSN Mandatory on all B2B Invoices (Optional For B2C).
If Aggregate Turnover is above 5 Crore, 6 Digits HSN Mandatory on all invoices (B2B & B2C)
3. The Central Board of Direct Taxes (CBDT) has notified ITR Forms 1 to 5 for Assessment years 2022-23.
4. With effect from 1st April 2022, if the employee’s contribution to Provident Fund account exceeds Rs 2.5 lakh during the financial year, the interest earned on the excess contribution is taxable in the hands of the employee year after year. Currently, interest on any amount of contribution to an EPF account is tax-free.
5. From April 1, the government will impose new rules on virtual digital assets (VDA) or cryptocurrencies. According to the rule, profits made on crypto assets will attract 30% tax and 1% TDS.
6. The difficulties of the common man may increase from April 1 as buying a house will also become expensive. The central government is going to stop giving tax exemptions to home buyers under section 80EEA. Apart from that 1% Metro Cess will be applicable to buying a house in Mumbai.
Regards,
CA Amit Kumar Ranjan
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