Income Tax Law Updates
Notification/Circular:
CBDT Notification No. 05/2022 dated 29-07-2022 [Directorate of Systems]
Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically.
Case Laws/Judgement:
Orchid Foundations Pvt. Ltd Vs ITO (ITAT Chennai) Date of Order 06-07-2022
we would hold that the claim as made by the assessee of ‘Eviction Charges Paid for clearing encroachments’ is allowable as business expenditure.
Koshambh Charitable Trust Vs ACIT (ITAT Ahmedabad) Date of Order 13-07-2022
Hon’ble ITAT held that there is no delay on the part of the assessee in filing the appeal, since order under consideration was not served to the assessee.
Goods and Services Tax Law Updates:
Notification/Circular:AAR/Case Laws/Judgement:
GST NOTIFICATION No. 17/2022–Central Tax dated 01-08-2022
The Central Government vide above Notification dated 01-08-2022 has reduced the limit of issue of GST E-invoice to Rs. 10 Crores w.e.f. 01-10-2022. Now every registered taxable person whose aggregate annual turnover exceeds Rs. 10 Cr in any of the financial years since 2017-18 is liable to issue E-Invoice. Earlier the limit was Rs. 20 Crores.
GST Circular No. 179/11/2022-GST Dated 03-08-2022
Clarification regarding GST Rates & Classification (goods) based on the recommendations of the GST Council in its 47th meeting held on 28th – 29th June, 2022 at Chandigarh –reg.
GST Circular No. 178/10/2022-GST Dated 03-08-2022
GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law – reg.: The Circular has clarified the scope of entry “agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act” with respect to taxability of certain transactions.
GST Circular No. 177/09/2022-TRU Dated 03-08-2022
Clarifications regarding applicable GST rates & exemptions on certain services– reg. Situations under which the recipient, being a body corporate, is liable to pay GST under reverse charge mechanism (RCM) on renting of motor vehicles designed to carry passengers.
Case Laws/Judgement:
Hon’ble Supreme vide above Judgement dismissed the petition by holding that GST exemption will be applicable only to the pilgrims for whom Haj Committee of India organises the Haj/Umrah pilgrimage and not for the pilgrims for whom HGO [PTO] organises and conducts the pilgrimage. Conducting tours for Haj pilgrims is a commercial activity undertaken by HGOs/PTOs and the said activity is not a religious ceremony, for which exemption has been provided in the exemption notification.
Updates from Other Laws:
Notification/Case Laws/Judgement:
NPS Circular No: PFRDA/2022/17/SUP-CRA/05 dated 01-08-2022
e-Investment Choice for Government sector NPS subscribers: Central Government vide above Circular clarified that NPS Subscribers can choose any one of the available PFs and Investment Option as per their choice among the following:
(A) Active Choice – 100% Allocation into Government Securities; (B) Conservative Auto Choice – 25% Allocation in Equity Asset Class; (C.) Moderate Auto Choice – 50% Allocation in Equity Asset Class
RBI/2022-23/102 REF.No.MPD.BC.394/07.01.279/2022-23 August 05, 2022
Monetary Policy Statement, 2022-23 Resolution of the Monetary Policy Committee (MPC) August 3-5, 2022: It has been decided by the Monetary Policy Committee (MPC) to increase the policy repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 4.90 per cent to 5.40 per cent with immediate effect.
EPFO Issues Guidelines/Clarification on Absence of Employer-Employee Relationship of Student-Trainees Under EPF Act. Clarification on status of student-trainees of educational/technical institutes recognized by a competent authority vis-à-vis the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952- Regarding.
Weekly Newsletter Income Tax, GST and Other Law [1st Week, August 2022] GST Updates, Income Tax Updates, Tax India Updates
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