Singla Tax Consultancy

04/04/2022

With the blessings of God, My Family and Friends We have opened Our Own Office on 2nd April, 2022 Near Mandi Board Office, Bathinda.
Beginning of New Journey.
All are invited to visit Our Office 😊😊.

30/03/2022

16/03/2022

Auto-population of e-invoice details into GSTR-1

15/03/2022

Revision of Limit of Aggregate Turnover For E-Invoice W.E.F. 01.04.2022.

Following are the Steps to check the eligibility for e-Invoicing:-
1. Go to this link https://einvoice1.gst.gov.in.
2. Navigate through Menu to Search --> e-Invoice status of Taxpayer.
3. Enter your GST Number and Captcha.
4. Click on Go and check the status.

19/02/2022

Deployment of Interest Calculator in GSTR-3B

18/02/2022

Highlights of GST Proposals in Finance Bill 2022

01/02/2022

Key of changes of

👉🏻 Revised Income tax return can be filed within *2 Years* from end of AY

👉🏻 AMT reduced for *Co-Operative Societies* from 18.5% to *15%*

👉🏻 *Surcharge* on Co-Op societies with total income of *1cr to 10Cr* reduced to *7%* from 12%

👉🏻 No change in personal tax rates/slabs or increase in any exemption/deduction limits

👉🏻 NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary

👉🏻 Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)

👉🏻 Sec. 115 BAB date of commencement of manufacture extended to 1 More year.

👉🏻 Virtua digital Assets : - Taxed at 30% ,
No expenses allowed,

👉🏻 *AOP* Surcharge reduced to *15%* from 37%

👉🏻 Education cess on income tax not allowable as expense ( Just a clarification)

👉🏻 Undisclosed income during search and survey - Set off of any loss not allowable

👉🏻 TDS on Benefits transferred to agent Exceeding Rs. 20000

👉🏻 Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of *60 years*

👉🏻Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now *extended by 1 year)*

👉🏻No repetitive appeals for common question of laws

👉🏻Off-shore banking units/ IFSC income to be provided exemptions

👉🏻Surcharge on Long Term Capital Gains on any assets to be capped at 15%

01/02/2022

Highlights of of

👉🏻 Revised Income tax return can be filed within *2 Years* from end of AY

👉🏻 AMT reduced for *Co-Operative Societies* from 18.5% to *15%*

👉🏻 *Surcharge* on Co-Op societies with total income of *1cr to 10Cr* reduced to *7%* from 12%

👉🏻 NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary

👉🏻 Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)

👉🏻 Sec. 115 BAB date of commencement of manufacture extended to 1 More year.

👉🏻 Virtua digital Assets : - Taxed at 30% ,
No expenses allowed,
Loss can not be allowed,
TDS @1% of consideration ; Gifting digital Virtual assets taxable

👉🏻 *AOP* Surcharge reduced to *15%* from 37%

👉🏻 Education cess on income tax not allowable as expense ( Just a clarification)

👉🏻 Undisclosed income during search and survey - Set off of any loss not allowable

👉🏻 TDS on Benefits transferred to agent Exceeding Rs. 20000

👉🏻 Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of *60 years*

👉🏻Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now *extended by 1 year)*

👉🏻No repetitive appeals for common question of laws

👉🏻Off-shore banking units/ IFSC income to be provided exemptions

👉🏻Surcharge on Long Term Capital Gains on any assets to be capped at 15%

29/01/2022

GST Rates on different textile items. In Last GST Council Meeting it has been decided to defer the hike in tax rate on textiles from 5% to 12%.

25/01/2022

If you have missed the deadline of filing i.e 31st December 2021, then Don't worry you can still file it till 31st March,2022 subject to some conditions.