1. There are many changes in the income tax rules effective from the next financial year. Income tax on crypto assets, filing of updated returns, new tax rules on EPF interest, and tax relief on Covid-19 treatment are some of the major changes effective from 1 April 2022. The crypto asset tax regime in India will gradually roll out in the financial year starting April 1. Provisions on the 30% tax will be effective at the start of the fiscal year while those related to the 1% TDS will come into effect from July 1, 2022.
2. Income Tax Due date of filing form 10AB extended to 30th September,2022.
3. GST Major points to be taken care of w.e.f. 1st April 2022 (FY 2022-23) :
(a) New series of Tax Invoices, Bill of Supply, Challans, Debit Notes, Credit Notes, Self Invoices, Receipt Vouchers, Payment Vouchers etc.
(b) Mandatory E-invoicing w.e.f. 1st April 2022, if turnover exceeds INR 20 crores in any of previous years.
(c) Renewal of Letter of Undertaking (LUT), in case of exports
4. Delhi High Court issued Notice to the GST Authorities on challenge to Rule 21A of CGST Rules being violative of Article 19(1)(g) of the Constitution of India and directed to remove the Suspension immediately.
5. MCA Further Extended the Mandatory Accounting Software with Recording Audit Trail for Companies and Auditor’s Responsibility, Reporting Requirements from 01st April 2023.
6. MCA extends Filing of *Form CSR 2* for FY 2020-21 to 31.5.2022.