news updates

RELAXATION IN PAYING ADDITIONAL FEES IN CASE OF DELAY IN FILING FORM 11 (ANNUAL RETURN)

The Ministry of Corporate Affairs has decided to allow Liability Partnership to file their Annual Returns for the Financial Year 2021-2022 without paying additional fees up to 30th June, 2022

RELAXATION IN ADDITIONAL FEES FOR LLPS

The Ministry of Corporate affairs has allowed all LLPs to file various event based Forms due dates of which are falling between 25th February 2022 and 31st March 2022,without additional fees up to 30th June ,2022.

COST INFLATION INDEX FOR FINANCIAL YEAR 2022-23

CBDT has notified the cost inflation index for the Financial Year 2022-23 at 331

RATIONALISATION OF LATE FEES IN GST

LATE FEES HAS BEEN RATIONALSED FOR THE TAX PERIOD OF JUNE 2021 ONWARDS OR QUARTER ENDING JUNE, 2021 ONWARDS.

Sl.No REGISTERED PERSON LATE FEE PAYABLE WAIVED IN EXCESS OF
1 REGISTERED PERSON HAVING NO TAX LIABILITY DURING THE MONTH 500.00
2 REGISTERED PERSON WHOSE  AGGREGATE TURNOVER WAS UPTO Rs.1.5 CRORES IN THE PREVIOUS YEAR AND OTHER THAN THOSE COVERED UNDER SERIAL NO.1 ABOVE 2000.00
3 REGISTERED PERSON WHOSE  AGGREGATE TURNOVER WAS ABOVE Rs.1.5 CRORES AND UPTO Rs.5 CRORES IN THE PREVIOUS YEAR AND OTHER THAN THOSE COVERED UNDER SERIAL NO.1 ABOVE 5000.00

AMNESTY UNDER KERALA VALUE ADDED TAX

The Government of Kerala has unveiled an Amnesty Scheme, 2022 to settle outstanding tax dues pertaining to the period before the introduction of GST.
The scheme shall apply to the outstanding dues under following Statutes such as:
  1. Kerala Value Added Tax Act
  2. Central Sales Tax Act
  3. Tax on Luxuries Act
  4. Kerala Surcharges Act
  5. Kerala Agriculture Income Tax Act
  6. Kerala General Sales Tax Act
Key highlights of the amnesty Scheme, 2021 are:
  • 100% waiver of interest and penalties.
  • 40% waiver of the balance tax arrear, if outstanding dues paid in a lump-sum.
  • 30% waiver of the balance tax arrear, if outstanding dues paid in instalments.
  • Last date for opting for the scheme is 31st August ,2022
  • Last date for payment of the amount determined under the scheme is 31st December,2022.
  • Last date for opting for the scheme is 31st August ,2022
  • Last date for payment of the amount determined under the scheme is 31st December,2022.