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A] Ministry of Corporate Affairs (MCA):Mandatory use of Accounting Software to record audit trail Every company which uses accounting software for maintaining its books of account, will have to use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled”. Accordingly, every company, who are maintaining its books of accounts in electronic manner, shall w.e.f. April 01, 2022, use only such accounting software which has following features:
B] Goods and Service Tax (GST):Applicability of E-invoicing where turnover exceeds INR 20 crores
With effect from 1st April, 2022, e-invoicing shall be applicable to such registered persons, whose aggregate turnover in any of the preceding financial year from 2017-18 till 2021-22, exceeds Rs 20 crores. C] Income Tax :1. NRIs to update their residential status on income tax website
Non-Resident Indians have to now mandatorily update their residential status on income tax website thereby indicating their non-requirement of linking Aadhaar with PAN. Last date to update the residential status is 31st March, 2022. Persons who fail to update their residential status may make the PAN of the Non-Resident Indian non-operative. On selection of Non-Resident as residential status, country of citizenship needs to be filled along with passport number.
2. Reminder: Withholding Tax (TDS) on rent payment exceeding INR 50,000 per month and filing of Form 26QC
This is a reminder to Individuals and Hindu Undivided Family (HUF) (other than those whose accounts are to be audited) who pay rent of INR 50,000 per month or above to a resident person will have to deduct TDS @ 5% at the time of credit or payment (whichever is earlier) of the rent to the account of payee (landlord) for the last month of the financial year OR the last month of the tenancy if the property is vacated during the year. 3. Reminder: Due dates for certain compliances
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Regards, KDP info@kdpacountants.com |
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