CBDT Extends Deadline for Filing TDS for Non-Salary Transactions

• Oct 28, 2022
 

• The Central Board of Direct Taxes extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30,2022. Form 26Q is used for quarterly filing of TDS returns on payments other than salary. "Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st October, 2022 to 30th November, 2022," CBDT said in a statement. The form captures details of total amount paid and tax deducted on such payments during the quarter. It would include payments on account of interest on securities, dividend, winnings from lotteries and crossword puzzles, rent, interest other than interest on securities, fees for professional or technical services.

Tax Deduction at Source TDS Return Filing

Finance Ministry Extends ITR Filing Deadline for Companies

• Oct 27, 2022
 

• The Finance Ministry extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7,2022. The last date for filing ITR by companies who are required to get their accounts audited was 31st October,2022. The Central Board of Direct Taxes (CBDT), the apex decision-making body in matters of income and corporate tax, in a notification said since it had last month extended the deadline for filing audit reports.

Income Tax Income Tax Update

Finance Minister Proposed, Common ITR form for all Taxpayers

• Nov 02, 2022
 

The finance ministry on Tuesday proposed to come out with a user-friendly common income tax return form for all taxpayers, under which income from virtual digital assets will have to be disclosed under a separate head.All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the Central Board of Direct Taxes (CBDT) has invited stakeholder comments by 15dec,2022.Currently, there are 7 types of income tax return (ITR) forms which are filed by different categories of taxpayers.

Income Tax Income Tax Update

Advisory on Sequential Filing of GSTR-1

GST GST Return Filing

Implementation of Mandatory Mentioning of HSN Codes in GSTR-1

23rd OCT, 2022

As per Notification No. 78/2020 - Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to report minimum 4 digit or 6 digit of HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these changes are being implemented in a phase-wise manner on GST Portal. Part I & Part II of Phase 1 has already been implemented from 01st April 2022 & 01st August 2022 respectively and is currently live on GST Portal. From 01st November, 2022, Phase-2 would be implemented on GST Portal and the taxpayers with up to Rs 5 cr turnover would be required to report 4-digit HSN codes in their GSTR-1.

GST GST Updates