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Showing posts from February, 2022

MCA introduces new Form CSR -2: A step towards more transparent CSR reporting

MCA  introduces  new  Form  CSR  -2:    A  step  towards  more  transparent  CSR reporting : News Dated 11.02.2022 The Central Government has notified the Companies (Accounts) Amendment Rules,2022. As per amended rules, every company covered under u/s 135 shall furnish a report on Corporate Social Responsibility in E-Form CSR-2 to the Registrar for the preceding financial year (2020-2021) and onwards. The CSR-2 is to be filed as an addendum to Form AOC-4/AOC-4 XBRL/AOC-4 NBFC (Ind AS) as the case may be. However, form CSR-2 for the F.Y.2020-21 shall be filed separately latest by 31stMarch 2022. Companies falling under section 135 are required to spend a certain %of their profits on CSR as specified in the section. Earlier there was no form prescribed to furnish a report on CSR.  Now through this notification ministry introduced the same. 1.  Objective of Amendment : Company is a part of society and has duties towards ...

Budget Highlights* – *Basic Custom Duty (BCD)*

*Shrimp industry* 1/ A new dedicated tariff item 0306 36 20 for Live *Litopennaeus vannamei shrimp* with a standard rate of duty of 10% is being inserted with effect from 01.05.2022. 2/ BCD on *Live Black tiger shrimp* (Penaeus monodon) (heading 0306) is being decreased from 30% to 10% 3/ BCD on frozen krill, mussels and squids is being decreased from 30% to 15%. *Comment:* There is very little import of live shrimps in India. No impact of all these changes on the business of any shrimp feed manufacturer or processed shrimp exporter. *Cocoa Beans* 4/ BCD on Cocoa beans, whole or broken, raw or roasted is being decreased from 30% to 15%. This will help reduce prices of chocolates. *Positive for the likes of Nestle and Britannia.* *Coal/Peat Lignite* 5/ BCD on coal, peat and lignite has been increased from 2.5% to 5% while imports from Indonesia remains at 1%,. *Negative for all users of the imported fuel from Australia, South Africa etc.* given the already high prices. *Chemicals* 6/ BC...

Key-highlights of GST Proposals in Finance Bill 2022:

πŸ‰ 1. Time-limit to avail ITC u/s 16(4) *extended till 30th November* of next year from 30th September. πŸ’ 2. Additional Condition for availment of ITC u/s 16(2)- *ITC can be availed only if the same is not restricted in GSTR-2B.* 🌢️ 3. Composition Tax Payer’s Registration can be *cancelled suo-moto* if they have not filed their GSTR-4 return *beyond 3 months from the due date.* πŸ«‘ 4. Credit Notes in respect of supply made in a financial year can be issued by *30th November* of next financial year (currently allowed till 30th September) πŸ“ 5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till *30th November* of next financial year (currently allowed till 30th September). πŸ₯œ 6. The two-way communication process in filing GST returns is *scrapped.* 🍏 7. The due date for filing return by non-resident taxable person is prescribed as *13th day of next month* 🍍 8. Section 41 of the CGST Act is being substituted so as to do away with the concept of β€œclaim” ...

MAJOR DIRECT TAX PROPOSALS IN FINANCE BILL, 2022

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    MAJOR DIRECT TAX PROPOSALS IN FINANCE BILL, 2022   ➒     TAXATION OF VIRTUAL DIGITAL ASSETS :     Section- 115BBH - Income from transfer of Virtual digital Asset (effective from 1/07/2022)   Section-194S : Tax on payment for transfer of virtual   digital asset to a resident (effective from 1/07/2022) ➒   Shall be taxed at the rate of 30% (plus surcharge and cess)   ➒   Cost of acquisition shall be reduced while computing the income from transfer of virtual digital asset.   ➒     No any other expenditure or allowance or   set-off loss shall be allowed to the assessee under any provision of the income tax act, 1961.   ➒   Loss arising from the above transaction shall not be set-off against any income under other head or shall not be carried forward to the succeeding assessment year.  ...