Important Changes w.e.f. 01.04.2022
Audit Trail
The applicability of using accounting software having Audit Trail has been further deferred by MCA and now shall be applicable from financial year commencing on or after the 01.04.2023 i.e. FY 2023-24.
Revised Schedule-III
MCA revise Schedule III of the Companies Act, 2013, applicable from F.Y. beginning on or after 01.04.2021. Hence, financial statements have to be prepared as per revised schedule for FY 2021-22.
CSR
Form CSR-2 notified by MCA vide notification dated 11-2-2022 to be filed annually by every company covered under CSR Provisions. For FY 2020-21, it was to be filed till 31-03-2022, now it is extended till 31.05.2022
GST e-invoice
CBIC made E-invoice under GST mandatory (for B2B transactions) for registered persons having aggregate turnover above ₹20 crore in any of the previous years from 2017-18 till 2021-22 with effect from 01st April, 2022. Please note that e-invoice is mandatory if turnover in any previous year (during last 5 years) exceeds Rs. 20 crores.
PAN linking with Aadhar
PAN linking with aadhar extended by a year with Rs 500/- fees upto 30/06/22 from 01/04/22 & than 1,000/- till 31/03/23 as per Cir dt 30/03/22. Now PAN can’t be linked with Aadhar without fees. After 31.03.2023, if PAN is not linked, it will be deactivated.
Trust/ NGO registration
CBDT extends last date for filing of Form No. 10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 till 30th September 2022. (Circular No.08/2022).
Note: The due date for trust/institutions registered in old provision and seeking renewal u/s 12AB through filling Form 10A was still 31st March, 2022
Income Tax Assessments
As per the Finance Act-2022, Time limit for completion of Income Tax Assessment u/s 143(3) for the AY 2020-21 has been extended to 18 months. i.e., now the assessment order for the AY 2020-21 can be passed till 30-09-2022 in place of earlier deadline of 31-3-2022.
Income Tax Changes:
(i) EPF: Employee provident fund deposited in excess of Rs. 2.5 lakhs p.a. will be taxable (interest earned on excess deposit) in the hand of employees.
(ii) Cryptocurrency: Beginning April 1, 2022, Virtual digital assets, also known as cryptocurrency, will be taxed at a rate of 30%. From July 1, 1% TDS will be withheld from sales.
(iii) The senior citizens above the age of 75 will be exempted from filing income tax returns with a declaration given to the bank.