INCOME TAX UPDATES
–Provisional Cost Inflation Index for A.Y. 2024-25 is 348
-Due Date for Original Return for F.Y. 2022-23 who are not under Audit is 31st July 2023.
GST UPDATES
-It has been decided by the Government to impose a time limit of 7 days on reporting of old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores. (It will be applicable from 01/05/2023)
-Attention is drawn to notification no. 78/2020 – Central Tax dated 15th October 2020, based on which it is now mandatory for taxpayers to report a minimum of six-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous financial year. (The exact date of implementation will be informed shortly by GSTN)
MCA UPDATES
-DPT – 3 due date for F.Y. 2021-22 is 30 June 2023
-As per the recent amendment of The Companies (Accounts) Rules, Audit trail has to be enabled during the financial year for all the transactions entered during the year. Mandatory Audit Trail in Accounting Software. The Companies (Accounts) Rules, 2014 & Companies (Audit and Auditors) Rules 2014 had been amended in in 2021 to provide that all Companies shall mandatorily with effect from 1st April 2023 ensure that the accounting software used for maintenance of Books of Accounts shall have the following features: 1) Recording audit trail of each and every transaction. 2) Creation of edit log of each change made in Books of Accounts along with date on which change was made. 3) Ensure that the Audit Trail cannot be disabled. 4) Books of Accounts should remain accessible in India at all times. 5) Backup of Books of Accounts, other books and papers of the Company maintained in electronic form, including at a place outside India, shall be kept in servers physically located in India on a daily basis.
