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Budget Updates – 2022

Update on Budget 2022 –

  • ⦁ FM Housing projects allotted Rs 48,000 crore for FY23 under the PM Housing scheme. Rs 60,000 Cr allocated to cover 3.8 crore households for tap-water.
  • ⦁ Chemical-free natural farming is to be promoted throughout the country. FY22 farm procurement value to be ₹2.37 lakh crore. To implement the scheme to lower dependence on oilseed imports.
  • ⦁ Rs 1,500 Cr to be allotted for development initiatives for northeast in FY23.
  • ⦁ Required spectrum auction for 5G rollout to be conducted in FY22-23. Contracts for laying optical fibers via PPP mode will be awarded in FY23.
  • ⦁ 68% of capital procurement budget to be earmarked for domestic Defence Industry. To set up an umbrella body for Defence Equipment Certification.
  • ⦁ Additional allocation of Rs 19,500 crore for PLI in solar Photovoltaic module manufacturing, says FM.
  • ⦁ Capital goods stocks FY23 Capex target at Rs 7.50 lakh crore from Rs. 5.5 lakh crore in FY22.
  • ⦁ BUDGET 2022: CRYPTO: INDIA FIN MIN SAYS TO LAUNCH CENTRAL BANK DIGITAL RUPEE CURRENCY.
  • ⦁ 68% of defense Capex to be kept for domestic cos. Defense R&D will be opened up for industry startups, says FM.
  • ⦁ Slab raised from 10% to 14% for contribution to NPS by employers.
  • ⦁ Crypto transactions are to be taxed at 30% without any deductions.
  • ⦁ LTCG surcharge capped at 15% for unlisted assets (earlier it was graded) – this is enormous for HNIs.
  • ⦁ Customs duty on Steel Scrap extended by one year.
  • ⦁ Duty On Unpolished diamonds Is Reduced To 5% Duty Reduced on Selective Chemicals specially used in Petchem Customs Duty On Umbrellas Increased To 20% Customs Duty On Steel Scrap Extended For 1 Year.
  • ⦁ Customs duty on methanol and acetic acid reduced Positive for Balaji amines, alkylamine (methanol is a raw material) Negative for Acetic acid producer- GNFC.

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ITR & Tax Audit due date extended –

Due dates for filing income tax returns?

Due date of uploading Tax Audit Report in case where transfer pricing is not applicable –

  • ⦁ The earlier due date was 15th January 2022, the new extended date is – 15th February 2022.

Due date of uploading Tax Audit Report in case where transfer pricing (person entering international transactions) is applicable –

  • ⦁ The earlier due date was 31st January 2022, the new extended date is – 15th February 2022.

What is the due date to file Income Tax Returns in case audit is applicable?

  • ⦁ In case transfer pricing is not applicable – The earlier due date was 15th February 2022, the new extended date is – 15th March, 2022.
  • ⦁ In case transfer pricing is applicable – The earlier due date was 28th February 2022, the new extended date is – 15th March, 2022.

Due date of filing 3CEB form applicable in case of Transfer Pricing-

  • ⦁ The earlier due date was 31st January 2022, the new extended date is – 15th February 2022.

Note – The due dates have only extended in case where tax audit is applicable, in non-audit cases the due date of returns has already passed. Although a person can still file his ITR with late fees of Rs. 1,000 or Rs. 5,000 as the case may be.

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𝗠𝘂𝗺𝗯𝗮𝗶 𝗜𝗧𝗔𝗧: 𝗦𝗾𝘂𝗮𝗿𝗶𝗻𝗴 𝗼𝗳𝗳 𝗹𝗼𝗮𝗻 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗶𝗻𝘃𝗶𝘁𝗲 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝘂𝗻𝗱𝗲𝗿 𝗦.𝟮𝟳𝟭𝗗 / 𝟮𝟳𝟭𝗘

S.269SS and S.269T mandate that transactions in the nature of acceptance/repayment of loan/ deposit etc should be done through account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. Non-adherence of provisions of S.269SS or S.269T invites penalty u/s 271D & E, respectively. However, S.273B provides a safe harbor if such default is because of a reasonable cause.

In its recent judgment Mumbai ITAT has observed, 𝘄𝗵𝗲𝗿𝗲𝗶𝗻 𝗹𝗼𝗮𝗻 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝘀𝗾𝘂𝗮𝗿𝗲𝗱 𝗼𝗳𝗳 𝗯𝘆 𝗷𝗼𝘂𝗿𝗻𝗮𝗹 𝗲𝗻𝘁𝗿𝗶𝗲𝘀 𝗶𝗻 𝗮 𝗯𝗮𝗰𝗸𝗱𝗿𝗼𝗽 𝗼𝗳 𝗴𝗲𝗻𝘂𝗶𝗻𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀, 𝗶𝘁 𝘄𝗼𝘂𝗹𝗱 𝗯𝗲 𝘀𝗮𝗳𝗲 𝘁𝗼 𝗰𝗼𝗻𝗰𝗹𝘂𝗱𝗲 𝘁𝗵𝗮𝘁 𝘁𝗵𝗲𝘀𝗲 𝗲𝗻𝘁𝗿𝗶𝗲𝘀 𝘄𝗲𝗿𝗲 𝗽𝗮𝘀𝘀𝗲𝗱 𝗼𝘂𝘁 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀, 𝗲𝘅𝗶𝗴𝗲𝗻𝗰𝗶𝗲𝘀 𝗮𝗻𝗱 𝗮𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝘃𝗲 𝗰𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲. Such business constraints, exigencies, and administrative convenience 𝘄𝗼𝘂𝗹𝗱 𝗰𝗼𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗲 𝗿𝗲𝗮𝘀𝗼𝗻𝗮𝗯𝗹𝗲 𝗰𝗮𝘂𝘀𝗲 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲 𝗺𝗲𝗮𝗻𝗶𝗻𝗴 𝗼𝗳 𝗦.𝟮𝟳𝟯𝗕 𝗼𝗳 𝘁𝗵𝗲 𝗔𝗰𝘁 𝗮𝗻𝗱 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝘄𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗯𝗲 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝗯𝗹𝗲 𝗶𝗻 𝘀𝗾𝘂𝗮𝗿𝗶𝗻𝗴 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀.

[ 𝗠/𝘀. 𝗠𝗮𝗰𝗿𝗼𝘁𝗲𝗰𝗵 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀 𝗟𝘁𝗱., 𝗜𝗧𝗔 𝗡𝗼.𝟯𝟬𝟰𝟵 & 𝟰𝟬𝟱𝟰 /𝗠𝘂𝗺/𝟮𝟬𝟭𝟵]

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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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Documents Required for filing Income Tax Returns of Salaried Individual in India

Key Docs Required for filing Income Tax Returns of Salaried Individual –

  • ⦁ Form 16 – Issued by the employer.
  • ⦁ Income Tax Login Details – Required to upload the return and check form 26AS for any other income and its correctness.
  • ⦁ In case home loan is taken from a bank or financial institution, then a housing loan interest statement is required.
  • ⦁ In case trading/investment is made in shares or mutual funds, then – Profit and loss statement for the year or capital gain report (used by some broker) is required.
  • ⦁ Details of NSC / KVP or any other investment made under section 80C – It includes any life insurance premium,, any Tax saver FDs, Public Provident Fund, etc.
  • ⦁ Form 16A is issued by banks in case there is a Fixed Deposit.
  • Health insurance premium receipts.
  • Investment details in NPS.

Other than this, some case-specific documents include –

  • ⦁ In case a property is sold, then a sale deed & purchase deed is required for tax calculations.
  • ⦁ Currency / Commodity trading P&L.
  • ⦁ Future & Options Trading P&L.
  • ⦁ Rental Income – Rent Agreement is advised in this case.

We at Akhil Amit And Associates provide quality services related to tax filing, which involves guiding clients on tax planning activities (legal ways) and helping them declare all their incomes so that they do not end up getting notices from the income tax department. Want to know more about Income Tax Services – Click here.

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