Budget 2022 :

Budget 2022 : Do you know ?

Budget 2022 : Section 14A Disallowance for Expenditures related to Non Business Investments

Factors in mind

Sometimes, the company may invest funds in somethings like Shares etc, and these shares / investments take away / Divert the interest bearing funds

Budget 2022 : Facility to Revise old Income Tax Returns

Factors in mind

Earlier, The Normal Time to Revise IT Returns had fallen to just 3 months or even less, due to extension of dates of filing till January / February.

AIS : Annual Information Statement : New concept started in Dec 2021…

People are realising that they had missed a lot in their IT Returns. Like some small mutual fund sales, some sale of shares, some bank interest, some income tax refund interest, some FD interest, etc etc

So, after seeing the AIS of old years, when they wanted to come clear, they had no option to revise the return. Since last date was already gone.

The option was, to apply to the officer, and go via a long manual process, which was surely undesired.

First Good News is that now you can revise the return upto 2 years, and “OWN up” the missing incomes, etc

and pay the difference tax if any.

Second Good News is that

No need of worrying for the Govt Notices comparing your AIS and your past returns

Some Relief !! ( Thank God ! for small mercies……. ) !!

All is not Cherries and Roses, Beware of two more things

What is Form GST DRC-03?

FORM GST DRC-03 is a digital intimation of payment made by the taxpayer voluntarily or made against show cause notice issued by the department or in adherence to section 142(2) and 142(3) of CGST Rules 2017. The tax officer is expected to verify the payment received from the taxpayer and if the amount paid falls short of the amount actually payable, they shall proceed to issue a notice in respect of such amount which falls short of. Accordingly, verification of DRC 03 payment is built in this module. Eligible individuals can view & download the Form GST DRC 03 in PDF format.

When a taxpayer is expected to make a payment through Form DRC-03? While making voluntary payment of outstanding liabilities u/s 73 and 74 of the CGST Act. A taxpayer can himself ascertain the tax before issuance of SCN or within 30 days of SCN determination to avoid the struggle of demand and recovery provisions. You cannot make voluntary payment after 30 days of issue of SCN. What are the pre-conditions to make voluntary payment? The pre-conditions to make voluntary payment are: Make voluntary payment before the issue of SCN or If voluntary payment is made after the issue of SCN or statement then 30 days’ time limit should not lapse since SCN is issued. What is the procedure to file DRC-03? There are mainly