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MCA mandates new filing: A report on corporate social responsibility

MCA has amended the Companies (Accounts) Rules, 2014 w.e.f. 11th February 2022 to provide that every company covered under the provisions of CSR shall furnish a report on Corporate Social Responsibility in Form CSR-2 to the Registrar for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS).

However, for the preceding financial year (2020-2021), Form CSR-2 shall be filed separately on or before 31st March 2022, after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be.

CSR-New-Form-RulesDownload

Contact us for all ROC Compliances. We at Akhil Amit And Associates help you Incorporate a company, comply with all the laws and keep you updated.

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TCS Buyback – Key Details for buyback

TCS BUY BACK – Key Details for BUY BACK –

TCS Buyback – Key Details

TCS Buyback – TCS has once again come up with a buyback with a spread of 22% from CMP.

  • ⦁ Offer Price: INR 4,500/share (Spread of 22% from CMP).
  • ⦁ Offer Size: 1.08% (4,00,00,000 Shares).
  • ⦁ Offer Size (Value): INR 180 billion.
  • ⦁ Date of Board Meeting: 12-Jan-22.
  • ⦁ Record Date: 23- Feb-22
  • ⦁ TCS has fixed February 23, 2022 (Wednesday), as the Record Date
  • ⦁ For Retail investors’ acceptance could be lower around 40%-50% vs 100% in previous buybacks
  • ⦁ The last 3 buybacks stock has given returns of 10-12% post-ex-date of buyback.

Further Update – Read Latest Post.

We at Akhil Amit And Associates, Best Chartered Accountant in Chinchwad, take care of all your taxation and financial needs. We are a click away – Contact Us.

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Geopolitical Tensions Drag Market: Biggest Fall in 10 Months

Geopolitical Tensions Drag Market – Indian Equity Market: Biggest Fall in 10 Months.

Move as on 14/02/2022-

  • ⦁ Sensex Down by 3%.
  • ⦁ Nifty Down by 3%.
  • ⦁ Bank Nifty down by 4%.
  • ⦁ Midcap Index down by 4%.
  • ⦁ Market turns negative for 2022 with the Biggest Fall in 10 Months (Since Apr 2021).
  • ⦁ Broader Markets Confirm a correction, mid-cap down 14% & Nifty Bank 11% from life highs.
  • ⦁ Sensex and Nifty are down over 9% from record highs hit in Oct 2021.
  • ⦁ BSE Cos Erase Market Cap of Nearly 9 Lakh Crore today & Erased Market Cap Gained in Last Three Months.
  • ⦁ Market Breadth Firmly in favour of Declines, Advance Decline Ratio at 1:10

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80C, 80CCC, 80CCD, 80D – Deduction under Income Tax Act –

Why has the government of India has provided various deductions such as 80C, 80CCC, 80CCD, 80D?

Deduction from 80C, 80CCC, 80CCD, 80D is some of the most used deductions used by an individual to save taxes. The income tax department with an aim to inculcate saving and investment habits among individuals, and spread awareness for health insurance, has provided tax benefits under sections 80C and 80D. In the current era where education cost has increased and people take education loan to cover the cost of education, the government by providing deduction under 80E for the interest paid on education loan.

80C & 80CCC, 80CCD

80C is one of the most favorable sections and can be regarded as a gift to an individual given by Income-Tax Authorities to save some taxes. It is one of the most widely used sections for reducing taxes. Whenever you watch any news channel before the financial budget, you will hear people’s demand to increase the limits provided under Section 80C. The benefit under this section is provided to individuals and HUFs.

Note – Companies, LLPs, Partnership Firm, AOI, BOI, and other forms of business cannot avail the benefit under this section.

What is the current limit under 80C?

  • ⦁ The current overall limit under section 80C is Rs. 1,50,000.
  • ⦁ Even if you invest under 80CCC, the overall limit is still Rs. 1,50,000 (In easier sense limits combined for both 80C and 80CCC is Rs. 1,50,000) with an exception that you can avail the extra tax benefit of Rs. 50,000 if you invest in NPS covered under section 80CCD(1B).

Instrument covered under section 80C?


The instrument for Tax Deduction
80CFollowing instrument qualifies for a deduction under section 80C – Public Provident Fund, Employees Provident Fund (the employees’ contribution, Equity Linked Saving Scheme (ELSS Mutual Fund), Life Insurance Premium, Stamp duty, and registration charges when a new property is purchased, principal payment for housing loan, Sukanya Samriddhi Yojna, National Saving Certificate (NSC), ULIP Policies, Tax Saver FD for 5 years, Infrastructure Bond, Senior citizen savings scheme (SCSS), etc.
80CCC Deduction for life insurance annuity plan.80CCC allows a deduction for payment of premium/contribution for annuity pension plans.
Note – Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.

Note – The contribution above is combined with Rs 1.5 Lakh (limit allowed u/s 80C).
80CCD(1) Deduction for NPSEmployee’s contribution under NPS is deductible under section 80CCD(1) –

Maximum deduction allowed is least of the following
– 10% of salary (Basic Salary+Dearness Allowances) (in case taxpayer is employed) and
– 20% of gross total income (in case of self-employment).

Note – The contribution above is combined with Rs 1.5 Lakh (limit allowed u/s 80C).
80CCD(1B) Deduction for NPSAdditional deduction of Rs 50,000 per year is allowed for the amount deposited into the NPS account eligible under section 80CCD(1B).

Note – Contributions made to Atal Pension Yojana are also eligible for deduction under 80CCD(1B).
80CCD(2) Deduction for NPSBenefit in this section is allowed only to salaried individuals and not self-employed.
Employers’ contribution is allowed for deduction up to
– 10% of basic salary plus dearness allowance.

80D

80D – Deduction for payment of Medical Insurance Premium –

Section 80D is allowed as a deduction for money spent on maintaining your health and health insurance and assumes great significance in your tax planning and managing personal finance.

The deduction is available for payment of premiums for health insurance policies and medical expenses for senior citizens.

Who can avail the deduction, for whom and up to what amount?

⦁ Any individual or HUF can avail of deduction u/s 80D.

⦁ The deduction is available for payment of insurance premium of –

  • ⦁ Self
  • ⦁ Spouse
  • ⦁ Dependant children
  • ⦁ Parents
InsuredDeduction Amount in Rs.
 Age Below 60 yrs.Age Above 60 yrs.
Self, Spouse, and Children25,00050,000
Parents25,00050,000
Max Deduction50,0001,00,000
Opt Preventive Healthcare*5,0005,000

What is Preventive Heath Checkup, and what qualifies for deduction?

⦁ To promote the habit of getting your body checkup every year, the government started giving deductions for a preventive health checkup from 2013-14. The idea of preventive health check-ups is to identify any illness and mitigate risk factors at an early stage through frequent health checkups.

⦁ The expenditure for health checkups can be made in cash.

⦁ Maximum deduction for self, spouse, and family is Rs. 5,000 (subject to overall ceiling mentioned above) and Rs. 5,000 for parents (subject to overall ceiling mentioned above).

Can we claim a deduction for Medical Expenses of Parents who are senior citizen?

⦁ In case your parents are senior citizens and they don’t have any active health insurance policy and they are not filing their Income Tax Returns, then you can claim expenditure incurred on their medical treatment as expenses subject to a maximum deduction of Rs. 50,000.

⦁ Expenditure can be made in cash.

⦁ Senior citizen includes super senior citizen.

Note –

  • ⦁ Cash Payment for paying health insurance premiums is not allowed as a deduction, hence the premium has to be paid electronically or cheques.
  • ⦁ In case premium or expenditure is paid on behalf of grandparents or siblings or working children or any other relative, then the deduction is not allowed.
  • ⦁ HUF can claim a deduction under Section 80D for a medical insurance taken for any of the members of the HUF.. deduction will be Rs 25,000 if the member insured is less than 60 years, and will be Rs 50,000 if the insured is 60 years of age or more.

For Other deductions available for individuals – Read More.

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Key Highlights: Budget 2022

Key Highlights, Budget 2022 –

  • ⦁ GDP growth for FY 22 is expected to be 9.2%, the highest for any large economy.
  • ⦁ PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs, an additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
  • ⦁ Promoting Fintech and the digital economy is a focus area for this budget.
  • ⦁ 75 digital banking systems in 75 districts by scheduled commercial banks.
  • ⦁ IBC to be amended to improve the efficiency of the resolution process, including cross border.
  • ⦁ Core Banking Services to start in Post offices.
  • ⦁ PM Gati-shakti master-plan Has scope to enhance multimodal communication through 7 engines, 2000 km of the rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.
  • ⦁ Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode.
  • ⦁ ECLGS (Emergency Credit Line Guarantee Scheme) to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore.
  • ⦁ 8 million new dwellings in rural, urban areas to be completed under PM Awas Yojana.
  • ⦁ Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.
  • ⦁ Rs 2 trillion outlay for MSMEs. Additional loans for 13 mn MSMEs.
  • ⦁ Rs 48,000 crore allocated to housing projects under *PM Housing Scheme* for FY23, Rs 1,500 crore allocated for the development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra.
  • ⦁ New provision to file the updated return within 2 years of the relevant assessment year.
  • ⦁ The alternate minimum tax for cooperative societies down from 18.5% to 15%.
  • ⦁ The tax deduction limit for state Govt employees* to NPS was raised from 10% to 14%**.
  • ⦁ Surcharge on Corporate tax pruned from 12% to 7% Surcharge on the transfer of long-term capital gains tax capped at 15%.
  • ⦁ Tax exemption to start-ups extended to March 2023.
  • ⦁ Gross GST collection for January 2022 at a record Rs 1.41 trillion.
  • ⦁ No change in income tax slab.
  • ⦁ Electric Vehicles battery-swapping policy is to be brought out with interoperability standards.
  • ⦁ Concessional duty on import of capital goods to be phased out.
  • ⦁ Duty on unpolished diamonds to be reduced to 5%.
  • ⦁ Customs duty on steel scrap extended by a year.
  • ⦁ RBI led digital rupee using blockchain to be launched in FY23, *1% TDS* on the transfer of virtual digital assets & income to be taxed at 30%.
  • ⦁ 68% of capital outlay for the Domestic defense industry.
  • ⦁ Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23.
  • ⦁ Total expenditure in FY23 estimated at Rs 39.45 trillion; total resources mobilization to be Rs 22.84 trillion other than borrowing.
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Zero Tax on Salary of Rs. 10,00,000? Is it possible?

Zero Tax on Salary of Rs. 10,00,000? Is it possible?

Yes, even if your salary is up to Rs. 10,50,000, you will not be required to pay the taxes after reading this article.

1. Standard Deduction

⦁ Assumption – Salary Considered – Rs. 10,50,000. If even if it is less, you can still save the taxes to zero and yes, you heard it right – Legally, without having the sleepless nights of getting notices from the Income Tax Department.

⦁ the government provides the Standard Deduction of Rs. 50,000. So your taxable salary is Rs. 10,50,000 – 50,000 = Rs. 10,00,000.

2. Deduction under Section 80C. Confused about what comes under 80C – Read Below –

⦁ PPF, EPF, LIC premium, Equity-linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for the purchase of property, Sukanya Samriddhi Yojana (SSY), National saving certificate (NSC), Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds, etc.

⦁ The maximum deduction which can be claimed here is Rs. 1,50,000. Hence, considering you invest Rs. 1,50,000, your taxable salary becomes – Rs. 10,00,000 – Rs. 1,50,000 = Rs. 8,50,000 (taxable salary).

3. Deduction under Section 80CCD (1b) – National Pension Scheme –

⦁ You can claim a deduction of Rs. 50,000 by investing under NPS. Yes, it has restrictions for the withdrawal, but this will help you in building a retirement corpus.

⦁ The taxable salary after investing here will become – Rs. 8,50,000 – Rs. 50,000 = Rs. 8,00,000.

4. Deduction Under Section 80D – Medical Insurance –

⦁ Indians, yes you heard it right we Indians have started giving importance to Insurance policies and yes now we don’t ask ” Wapas Kitna Milega Kuch Nahi Hua To” – With this change in mindset and living in a pollutive environment we require medical insurance. “Sone pe Suhaga” is it will even save your taxes.

  • ⦁ For self, spouse & children – There is a cap of Rs. 25,000 or 50,000 (in case of senior citizen)
  • ⦁ For Parents – There is a cap of Rs. 25,000 or 50,000 (in case of senior citizen)
  • ⦁ Even body checkups are allowed and a deduction up to Rs. 5,000 can be claimed. But the upper limit is mentioned above.
  • ⦁ If your parents are senior citizens, and they don’t have medical insurance and they aren’t filing their Income Tax Return and if you paid for their medical treatment, you can claim up to Rs. 50,000.
  • ⦁ Hence, after section 80D, the taxable salary shall become – Rs. 8,00,000 – Rs. 25,000 = Rs. 7,75,000.

5. Interest on Housing Loan – Section 24b of Income Tax Act –

⦁ We Indians grow up hearing “Apna Ghar Apna Hi Hota Hai” and our minds start thinking about it as soon as we start family planning.

⦁ Interest on housing loans is allowed till Rs. 2,00,000 every financial year. Hence, your taxable salary becomes – Rs. 7,75,000 – Rs. 2,00,000 = Rs. 5,75,000.

6. Interest on Education Loan / Purchase of Electric Vehicle / Donation Under Section 80G —

⦁ Education has become very costly and middle-class parent cannot afford to pay from their pocket, hence education loan is taken by the number of students. The interest component of the loan is deductible under section 80E.

⦁ The world is shifting from Petrol/ Diesel to EVs and yes, you can even claim a deduction of up to Rs. 1,50,000 on interest paid for the purchase of EVs. The deduction is available u/s 80EEB. (Vehicle should be financed, notional interest cannot be claimed).

⦁ If none of the above is applicable, then donations are also allowed as deductions. Provided you are donating to charitable trust or NGOs which has got the certificate from Income Tax.

⦁ Now the overall objective is to reduce the taxable income from Rs. 5,75,000 to Rs. 5,00,000. Considering Rs. 75,000 deductions are claimed by using the above section. Then you need to pay zero taxes. Confused? Happy? How How? Let us see –

⦁ Now the Taxable salary is Rs. 5,00,000. The tax on income up to Rs. 2,50,000 is exempt from tax. Thus the tax payable would be Rs. 12,500 (5% slab from Rs. 2,50,000 to Rs. 5,00,000. Hence 5% of Rs. 2,50,000 is Rs. 12,500).

7. Rebate under section 87A –

⦁ If your income is Rs. 5,00,000 or lesser, you can claim a rebate under section 87A for a maximum of Rs. 12,500. Hurrah the tax payable is Rs. 12,500 (tax calculated above) – Rs. 12,500 (rebate u/s 87A) = 0 (Zero).

“Start Planning, you can thank us later 🙂“

⦁ Upcoming article – How to pay zero taxes on Rs. 20,00,000 salary. Stay tuned.

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GST for restaurants selling online

E-Commerce Operators liable to pay GST on Restaurant Services W.E.F. 01-01-2022:-

The GST Council, in its 45th meeting held on 17th September 2021, recommended notifying *Restaurant Service* under section 9(5) of the CGST Act, 2017. Accordingly, to effectuate this recommendation, *Notification No. 17/2021 (CTR)* dated 18.11.2021 has been issued, and now a separate clarification vide *Circular No. 167 / 23 /2021–GST*, dated: 17-12-2021, also has been issued to the extent that the e-commerce operators (ECO) are liable to pay GST on restaurant services.

So, the scenario is as ‘restaurant service’ has been notified under section 9(5) of the CGST Act, 2017, *the ECO shall be liable to pay GST* on restaurant services provided, with effect from the *1 January 2022*, through ECO. The ECOs will *no longer be required to collect TCS* and file GSTR 8 in respect of restaurant services on which it pays tax in terms of section 9(5). On other goods or services supplied through ECO, which are *not notified u/s 9(5)*, ECOs *will continue to pay TCS* in terms of section 52 of CGST Act, 2017 in the same manner at present. As ECOs are already registered under rule 8(in Form GST-REG 01) of the CGST Rules, 2017 (as a supplier of their own goods or services), there would be *no mandatory requirement of taking separate registration* by ECOs for payment of tax on restaurant service under section 9 (5) of the CGST Act, 2017.

The aggregate turnover of a person supplying restaurant service through ECOs shall be computed as defined in section 2(6) of the CGST Act, 2017, and shall include the aggregate value of supplies made by the restaurant through ECOs. Accordingly, for threshold consideration or any other purpose in the Act, *the person providing restaurant service through ECO shall account for such services in his aggregate turnover*.

It may also be noted that on restaurant service, ECO *shall pay the entire GST liability in cash*. No ITC could be utilized for payment of GST on restaurant service supplied through ECO. ECOs provide their *own services as an electronic platform and an intermediary* for which it would acquire inputs/input service on which ECOs avail input tax credit (ITC).

The ECO charges commission/fee etc. for the services it provides. The ITC is utilized by ECO for payment of GST on services provided by ECO on its own account (say, to a restaurant). The situation in this regard remains unchanged even after ECO is made liable to pay tax on restaurant service. ECO would be eligible to ITC as before. Accordingly, ECO *shall not be required to reverse ITC on account of restaurant services* on which it pays GST in terms of section 9(5) of the Act. Well!!! These clarifications issued well ahead of the date of implementation will go a long way in a correct understanding of the legislative requirements and compliance of the same.

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Indian Stock Market Performance in 2021 – Investment Planning, Retirement Planning, Estate Planning & Tax Planning

Investment Planning, Retirement Planning, Estate Planning & Tax Planning – Indian Stock Market Performance in 2021 – Throwback

Contact us for Investment Planning, Retirement Planning, Estate Planning & Tax Planning. We have designed a 22 steps model to suggest to you the best possible funds to invest. Also, we review your funds periodically to determine if any alteration is required. Contact Us.

  • ⦁ Performance of Indices in 2020.
  • ⦁ Top Stocks in Nifty 50 – Top Gainers & Losers in 2020.
  • ⦁ Top Gainer and Loser in Nifty Mid Cap and Small Cap.

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Only ITC Reflecting in GSTR-2B (GST Returns) can be claimed from 01-01-2022.

First: – Section 16(2)(aa) notified from 1 Jan 2022

(aa) the details of the invoice or debit note referred to in clause (a) have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37.

It means from 1 Jan 2022 Input available only as when as come in GSTR-2B

Effects of New Sub-clause 16(2)(aa)
• ITC cannot be availed beyond GSTR-2B.
• No concept of Provisional Credit.
• If GSTR-1 is filled by the supplier beyond the cutoff date, then ITC will not be available in the same month.

In simple language, we can claim only that amount of ITC in GST Returns, which is reflected in GSTR-2B.

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Documents Required & Process Involved In – RERA Registration – Maharashtra

Documents Required for – RERA Registration –

Below mentioned are the docs required for – RERA Registration – In Maharashtra.

⦁ Passport Size Photograph.

⦁ Aadhar Card of the individual.

⦁ Pan Card of the individual.

⦁ Email ID and Mobile Number of the agent.

⦁ Rubber Stamp in the individual’s name with a real estate agent or broker written as the designation.

⦁ Electricity Bill in the individual’s name / Telephone bill in the name of the individual / Rent Agreement in the individual’s name / Lease Deed in the individual’s name.

⦁ ITR Copy of last 3 Financial Year / If you were not liable for filing ITR as per Income Tax Act, then a declaration is required to be given.

⦁ A sample copy of the acknowledgment receipt would be given to the customers.

⦁ A declaration to the effect that no criminal case is pending against an individual, in case any case is pending declaration is required.

⦁ A sample copy of the letterhead and rubber stamp which the agent will use in the future.

⦁ Government fees of Rs. 10,590/- has to be paid at the time of registration.

Note – All the documents listed above have to be self-certified and they should affix the stamp on them.

Website for obtaining registration in the state of Maharashtra is – https://maharerait.mahaonline.gov.in/Login/Login

Process Involved after uploading the docs –

⦁ Once the fees are paid, the form is assigned to an officer.

⦁ Officer then generally, within 7 working days scrutinizes the applications.

⦁ In case he has a query, they send the communication on the email id of the agent.

⦁ After the query is resolved, the certificate is sent to the email id.

⦁ In case email is not received, someone can also download the certificate from the maharera portal.

Kindly contact us on 9823120925/8918900780 for RERA Registration or any compliances related to RERA.

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