Rsquare Consultancy

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👉🏻 Revised Income tax return can be filed within *2 Years* from end of AY

👉🏻 AMT reduced for *Co-Operative Societies* from 18.5% to *15%*

👉🏻 *Surcharge* on Co-Op societies reduced to *7%* from 12%

👉🏻 NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary

👉🏻 Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)

👉🏻 Sec. 115 BAB date of commencement of manufacture extended to 1 More year.

👉🏻 Virtua digital Assets : - Taxed at 30% ,
No expenses allowed,
Loss can not be allowed,
TDS @1% of consideration ; Gifting digital Virtual assets taxable

👉🏻 *AOP* Surcharge reduced to *15%* from 37%

👉🏻 Education cess on income tax not allowable as expense ( Just a clarification)

👉🏻 Undisclosed income during search and survey - Set off of any loss not allowable

👉🏻 TDS on Benefits transferred to agent Exceeding Rs. 20000

Wishing a very happy new year 2022 to all

GSTR 9 and 9C due dates for FY 2020-21 extended...

*GST Rate Increased from 01/01/2022*

✅For Fabrics from 5% to 12%

✅For Article of Apparel of any value 12%
(Earlier GST Rate was 5% for sale value upto Rs 1000 per piece)
✅For Footwear of any value 12%
(Earlier GST was 5% for sale value upto Rs 1000 per pair)