Author: CA Ritul Patwa

5 MAJOR CHANGES UNDER INCOME TAX LAW w.e.f. 1 April 2022

In India, as the new financial year (2022-23) begins on 1 April. There are some major changes in Income Tax Laws that are effective from 01-04-2022 and applicable for...

GST REFUND – CASH REGISTER, TDS/ TCS and DEEMED EXPORTS

Issue 1 : Whether the provisions of subsection (1) of section 54 of the CGST Act regarding time period, within which an application for refund can be filed, would be applicable...

INCOME TAX STATEMENT OF FINANCIAL TRANSACTIONS (SFT) – PROBLEMS

The Income Tax Department is sending mails to all the assesses who have generated ITDREIN or filled their SFT earlier. The main problem is with the Assessees who have...

GST (GOODS AND SERVICES TAX) – CHANGES IN BUDGET 2021

Amendments carried out in the Finance Bill, 2021, will come into effect from the date when the same will be notified (except where specifically mentioned otherwise), as far as...

INCOME TAX – MAJOR CHANGES IN BUDGET, 2021 FOR F. Y. 2021-22 (A.Y. 2022-23)

1. Exemption from filing income tax returns for senior citizens (75 years and above) who only have pension and interest income. The paying bank will deduct the necessary tax...

BUDGET 2021 : GST – DETENTION, SEIZURE AND RELEASE OF GOODS AND CONVEYANCES IN TRANSIT (Amended Section 129)

The Finance Bill, 2020 has amended Section 129 relating to detention, seizure and release of goods and conveyances in transit. The amended section is noted below for ready reference:- “129...

E-WAY BILL – COMMON ENROLMENT FOR REGISTERED TRANSPORTER ACROSS INDIA

One of the requests of the transporters was that they have to be allowed to use one registration number for updation of e-way bills throughout the country. That is,...

Clarification on PM CARES Fund – Constitution, Objective & Need

I have been receiving several queries regarding the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations‘ (PM CARES) Fund, related to its Constitution, Objective and Requirement and a reason...

COVID19 RELIEF – BANK LOAN EMI MORATORIUM (DEFERMENT) PROCEDURE

In accordance with the COVID-19 – Regulatory Package notification dated Mar 27, 2020 issued by Reserve Bank of India (“RBI”) and as may be updated from time to time...

RELIEF IN STATUTORY & COMPLIANCE UNDER GST, INCOME TAX ETC – DUE TO COVID19 OUTBREAK

The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures on 24-03-2020, taken by the Government of India in view of COVID-19 outbreak, especially...

DISCLAIMER

The Views expressed on this blog are strictly personal and for knowledge of our clients only. The contents of this blog are solely for informational purpose and it does not constitute any professional advice or recommendation. The laws related to GST and other taxes are under evolution and subject to constant changes and amendments over time. It is suggested to take specific legal advice and necessary due diligence before relying on the contents and information of this Blog. The authors of this blog, does not accept any liabilities for any loss or damage of any kind arising out of information on this blog and for any actions taken in reliance thereon.