CA CMA Syam sundar

 *1) UDIN Solution:* Please *retry today* to update UDIN in income tax portal. If problem still error persist, then take a *screenshot and send a email to* efilingwebmanager@incometax.gov.in,  mentioning: A) Your Login Id ,  B) Pan of Client &  C) Udin .  2) Last date of filing PT return for 21-22 is extended to 31.5.2022 : https://wbprofessiontax.gov.in/news/details/54 3. 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐦𝐚𝐝𝐞 𝐢𝐧 𝐆𝐒𝐓𝐑 𝟏 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐅𝐢𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐞𝐬𝐬: Few changes are made in the form GSTR 1 to improve the filing process. The changes are:  𝗥𝗲𝗺𝗼𝘃𝗮𝗹 𝗼𝗳 𝗦𝘂𝗯𝗺𝗶𝘁 𝗯𝘂𝘁𝘁𝗼𝗻 𝗯𝗲𝗳𝗼𝗿𝗲 𝗳𝗶𝗹𝗹𝗶𝗻𝗴: The present ‘Submit’ and ‘File’ buttons are replaced with a single-step filing process.  𝗖𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗲𝗱 𝗦𝘂𝗺𝗺𝗮𝗿𝘆: Table-wise summary to provide an overview of the records added in GSTR-1 𝟯.  𝗥𝗲𝗰𝗶𝗽𝗶𝗲𝗻𝘁 𝘄𝗶𝘀𝗲 𝘀𝘂𝗺𝗺𝗮𝗿𝘆: Total Supply value & total tax involved for each recipient.  𝗡𝗲𝘄 𝗙...

 *Updates* 1) *Tax Audit UDIN Validation:* There are certain inadvertent errors while uploading UDIN. On April 28, 2022, there is meeting of UDIN, DTC, & CBDT to consider solution.  2) *Section 148 controversy, had not decided by Supreme Court in favour of Revenue*. Supreme court had only reserved its judgement. Order to be pronounced later.  3) MSME-1 form has been updated. 4) Nidhi company (amendment) Rules, 2022: https://www.mca.gov.in/content/mca/global/en/notifications-tender/whats-new.html 5) CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in case turnover from business or gross receipt from profession exceeds Rs. 60 lakh or Rs. 10 lakh, respectively. Further, return filing shall be mandatory if the amount of tax deducted and collected in case of a person exceeds Rs. 25,000 or deposit in saving bank account(s) is Rs. 50 lakh or more. 6) Now PAN, email, address, and UID of members would n...

CBDT Income Tax Notification 37/2022 dt. 21/04/2022:   CBDT has notified the Income-tax (Ninth Amendment) Rules, 2022, to insert new IT Rule 12AB on conditions for mandatory filing of tax return (ITR) by persons referred to in section 139(1)(b), which includes  1. Business sale/ turnover/ receipts exceeding Rs. 60 lacs,  2. Professional receipts exceeding Rs. 10 lacs, 3.  Aggregate TDS/ TCS exceeding Rs. 25,000 (Rs. 50,000 in the case of a senior/ very senior citizens) and saving banks deposits exceeding Rs. 50 lacs, during the previous year. It may be noted that earlier the seventh proviso to IT Section 139 was inserted vide Finance Act, 2019, which has laid down certain criteria for mandatory filing of tax return (ITR) even if Individual’s income is not exceeding the basic exemption limit, which includes deposits of Rs. 1 crore or more in current account, foreign travel expense exceeding Rs. 2 lacs, electricity consumption exceeding Rs. 1 lac during the previous ye...