1.The process of Income Tax Return filing for the Assessment Year 2022-23 has been initiated with timely notification of ITR Forms (from ITR-1 to ITR-6). However, only two ITR Forms – viz. ITR-1 (Sahaj) and ITR-4 (Sugam) – are now available on the Income Tax Portal for filing of the return of income.
2.Foreign exchange fluctuation loss incurred for the purpose of borrowing in the business of financing and leasing is a revenue expenditure allowable u/s 37: WIPRO Finance Limited Vs CIT.
3.The GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories.
4.ESIC has extended challan deposit date to 30 April-22 from 15th April-22 for the month of March-22. Submission of return of contribution for the period Oct-22 to Mar-22 has also extended upto 26th May-22 from 11th May-22.
5.Government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.