ICAI-UPDATES

 1. No penalty u/s 43 of Black Money Act (BMA) for non-disclosure of foreign assets in ITR, if source was explained & assessee’s conduct was bonafide. 

2. 30th June 2022 is last dates for:

1. DPT - 3
2. UDIN
3. Form 11
4. CSR - 2
5. IEC Updation
6. PAN and Aadhaar linking with late fees of ₹500/-

3. Reassessment initiated merely on basis of an audit objection not valid: Bombay High Court. Glaxosmithkline Pharmaceuticals Ltd. [2022] 136 taxmann.com 305 (Bombay).

4. Customs, Excise & Service Tax Appellate Tribunal (CESTAT) in the matter of Yashraj Containers Ltd vs C.C.E. & S.T.-Daman has held that Income Tax, Tax Collected At Source (TCS) on sale of goods cannot be considered as additional consideration flowing from the buyer to the appellant accordingly, the same is not includable in the assessable value for charging Excise Duty.

5. GST Council approves biometric authentication, inclusion of electricity bill data, real-time validation of bank accounts & geo-tagging for compliance. 

6. GST Council allows amendments in GSTR-3B.

• 6 new e-invoice portals to come soon.
• Compliances to be eased for e-commerce suppliers. 
• Council agrees to empower both State and Central Officers to issue Show Cause Notices.

7. LLP Date Extended: Last date for filing of LLP Form 11 without paying additional fee has been extended upto 15th July, 2022.

Source:-CA Raj Chawla