Some recent updates

 Some recent updates


1.  *Finance Act, 2022* amendment to Section 14A for disallowance of expenditure in absence of exempt income, clarificatory in nature, applicable retrospectively. - [ACIT v. Williamson Financial Services Ltd. – Date of Judgement : 06.07.2022 (ITAT Guwahati)].


2. *Income Tax*: Addition u/s 56(2)(vii)(b) - differential amount between the value as determined by DVO and the purchase price - Mandation of referring matter to DVO for valuing the property. ITAT VARANASI. SRI INDRA NARAYAN TRIPATHI VERSUS THE ACIT, RANGE-2, GORAKHPUR., No.- ITA.No.05/VNS/2020. 


3. *GST*-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions, a top official said on Thursday.


4. *CBIC*: Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said the GST Council, comprising finance ministers of the Centre and states, had decided to implement it in a phased manner and with e-invoices being generated, for every B2B (Business-to-Business) transaction, invoice matching by tax authorities would not be required under Goods and Services Tax (GST).


 5. *FLA Return*: Due date for filing Return on Foreign Liabilities and Assets for FY 2021-22 is 15th July, 2022. It is not necessary that FLA Return is to be submitted on the basis of audited Financial Statements only. 

 If the accounts of the entity are not audited then the FLA Return can be filed on the basis of unaudited/provisional accounts and once the accounts are audited a revised FLA Return can be filed on or before 30th September, 2022, only if there are any changes in the information disclosed in the FLA Return already filed on provisional basis. If there are no changes in the return already filed there is no need to file a revised return.

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