TAX NEWS

 

DIRECT TAX

q  Form 10-IEA to be fill before filing of return of income when assesee opting for old tax regime and no form to be fill in case assesee opted for new tax regime.

q  Notification raising Leave Encashment Exemption for Non-Government Employees from Rs 3 Lakhs to Rs 25 Lakhs has been issued w.e.f. 1st April, 2023.

q  Ministry of Finance notified the amendment to Section 2 of the Act. As per the amended norms, financial transactions carried out by practicing CA/CS/CWA on behalf of their clients will now fall under the scope of the PMLA. 

q  Cost inflation index for Financial Year ended  31-3-2024 is 348   

q  CBDT notified the list of consequences that will apply to a Person if his PAN becomes inoperative

q   CBDT vide circular no. 4 of 2023 dated 5 April 2023 issued clarification regarding employer's TDS liability on salary in view of the default tax regime introduced vide Finance Act 2023. A short summary of the circular is as under:- Employer shall seek information from the employees regarding the tax regime they intend to opt for.- If the employee does not inform the employer about his intentions, the employer shall deduct TDS under section 192 under the default tax regime.

IN-DIRECT TAX

q   Notifications have been issued to enable taxpayers to restore their GST registration which was earlier cancelled due to non filing of returns (Revocation of Cancelled Registration 

q   GST Portal has enabled the option to file GSTR-9 and GSTR-9C for FY 2022-23. Due Date is 31/12/2023   

q  The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to reduces E-invoicing limit 5 cr from existing limit of 10 cr w.e.f. August 01, 2023

q   Government has decided to impose a time limit on reporting ‘old invoices’ on the e-invoice (IRP) portal for taxpayers having aggregate annual turnover (AATO) greater than or equal to INR 100 crores.  In this regard, taxpayers having AATO equal to or greater than INR 100 crores, shall be mandatorily required to generate e-invoice within 7 days from the date of invoice.  In other words, invoice/s older than 7 days (from document date) cannot be reported on the e-invoice portal for the purpose of generating IRN. The said restriction is proposed to be implemented from 1 May 2023.     

              Vide another advisory dated May 5, 2023, the time limit extended by 3       months

Further, GSTN has issued revised advisory yesterday stating that time limit for reporting  is applicable for all document types i.e. invoice, credit note and debit note instead of previous alert wherein it was mentioned that time limit is applicable only for invoice.