KSA Infomatrix

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Regards  Aseem Aggarwal CA, CPA, CS, B.Com(H) +91 7508000350 aseem@ksafirm.com LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     People have also filed about 500,000 updated returns, Bajaj, who superannuated last month, said. Former Revenue Secretary Tarun Bajaj on Thursday made a case for taxation of agricultural income and suggested that people above the income tax threshold must pay tax, irrespective of their income source. “It is a good thought… If I make more money than the threshold, I should pay tax,” said Bajaj at a CII conference, but added this is his personal view. At present, agricultural income is exempt from tax under the Income Tax Act. The topic is also seen to be highly politically sensitive as it would impact farmers. Meanwhile, addressing the session on “Mobilising Higher Tax Revenues for Financing India’s Development”, Bajaj also said he is not in favour of hiking tax r

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Manohar Lal Khattar also called for promoting voluntary registration for GST and said that three lawyers who get the maximum number of registrations in a year would be felicitated. Haryana Chief Minister Manohar Lal Khattar said Wednesday that for the convenience of taxpayers and lawyers, a GST tribunal will be set up in the state, which is expected to start by March 2023. “For this a recommendation has been made to the GST Council.” The Chief Minister further announced that two joint ETC range appeal offices would be opened at Hisar and Gurgaon to resolve GST related problems. In an event in Gurgaon, Manohar Lal Khattar said that ‘GST Aamne Samne’ forum will be started at the divisional level, providing a common platform to taxpayers, lawyers and officers of the

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/   The Punjab Cabinet on Monday gave the approval to amend the Punjab Goods and Services Tax Act, 2017, to enable ease of doing business in the state and facilitating the taxpayers. The amendment will also help in streamlining provisions relating to refunds and rationalising those related to the furnishing of returns. This will also ensure levying of interest only on input tax credit wrongly availed and utilised, said an official release. The Punjab Cabinet held a meeting under the chairmanship of Chief Minister Bhagwant Mann at his official residence here, ahead of the state Assembly session, which has been convened on Tuesday. The Cabinet also gave the green signal to withdraw the proposal for setting up a bulk drug park at Bathinda on the site of the closed thermal

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/   The tax authorities will also be able to better analyse the trends and availment of input tax credit across sectors and weed out fake ITC claims, which had emerged as a major issue for the government. Fake ITC worth over Rs 50,000 crore was detected in the past one-and-half years alone. The GST e-invoicing will likely be mandatory for firms with a turnover of over Rs 5 crore from January 1, 2023, down from the current threshold of Rs 20 crore to further plug leakages, ensure better compliance and policy formulation, Central Board of Indirect Taxes chairman Vivek Johri told FE. “I think expanding the coverage to over Rs 5 crore will give us very good data for policy making. We can analyse the data at the level of four-digit HS (Harmonised System) and get some sens

3 income tax changes effective from July 1 Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/   With July comes a few new changes to income tax  rules applicable to different taxpayers. Here is a look at three important income tax related changes that will come into effect from July 1, 2022. TDS on cryptocurrencies Earlier this year, the Finance Minister Nirmala Sitharaman proposed a 1% tax deducted at source (TDS) on any payment made in exchange for the transfer of virtual digital assets (VDAs), often known as cryptocurrency and non-fungible tokens (NFTs). For transactions totalling more than Rs 10,000, the TDS rule will go into effect on Friday, July 1. The tax at the time of transfer of VDA will be deducted at the rate of 20% if the deductee (buyer's) PAN is not readily available. Additionally, if the payer is