E-filing of ITRs increased by 9% in FY20, with 7.38 crore returns submitted by March 31.

According to the most recent tax numbers, there are over 10 crore registered users, with 7.38 crore filing tax returns online in FY21. E-filing of Income Tax Returns (ITRs) increased by 9% in FY21 compared to FY20, with 7.38 crore returns filed through March 31, compared to 6.77 crores in FY20 and 6.68 crores in FY19.

About five crore people with an annual income of less than or equivalent to $5 lakh filed their tax returns. Around 81,653 individuals with an annual income of more than Rs 1 crore, as well as 44,752 businesses, 836 trusts, 16,420 firms, and 62 local governments, filed returns.

The CBDT extends the deadline for depositing TDS and filing late tax returns.

Maharashtra topped the list, with 1.14 crore ITRs filed via the tax department’s e-filing scheme. Gujarat had 74.50 lakh e-returns, Uttar Pradesh had 71.47 lakh, Rajasthan had 48.29 lakh, Tamil Nadu had 46.15 lakh, Karnataka had 43.15 lakh, and Delhi had 38.20 lakh e-returns.

According to tax statistics, there was a 1.72 per cent increase in filing growth in AY 20-21, with 6.83 crores ITRs filed compared to 6.72 crores in AY 19-20.

THE CBDT AMENDS RULE 6G AND REVISES TAX AUDIT FORM 3CD

The CBDT has updated Tax Audit Form 3CD and made changes to Rule 6G.

The Central Board of Direct Taxes [CBDT] has amended Rule 6G and Tax Audit Form [Form 3CD]. According to the notification, the assessee may now revise form 3CD if a recalculation of disallowance under section 40 or section 43B is needed.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st April 2021
(INCOME-TAX)

246 G.S.R. (E). –– The Central Board of Direct Taxes hereby makes the following rules to amend the Income-tax Rules, 1962, in the exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act (43 of 1961):

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1. A brief title and introduction.–

(1)The Income-tax (eighth Amendment) Rules, 2021 can be used to refer to these regulations.
(2) They will take effect on the day they are published in the Official Gazette.

The Income-tax Rules of 1962 state that:

(a) After sub-rule (2) in rule 6G, the following sub-rule shall be inserted:

“(3) The person may revise the report of audit furnished under this rule by obtaining a revised report of audit from an accountant, duly signed and checked by such accountant, and furnishing it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing the report under subrules (1) and (2) that necessitates a recalculation

(b) in Appendix II, in Form 3CD,-

I in PART –A, clause 8A shall be replaced by the following clause: – “8A “Has the assessee chosen to be taxed under section 115BA/115BAA/115BAB/115BAC/115BAD?

SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

(ii) in PART-B, the following clause shall be substituted for clause 17:

“17. Where any land or building, or both, has been transferred for a consideration less than the value adopted, assessed, or assessable by any authority of a State Government referred to in section 43CAor 50C during the previous year, please report it.

audit form

(iii) The following sub-clauses shall be substituted for sub-clauses (ca) and (cb) in clause 18, namely:

“(ca) Written down value adjustment made under section 115BAC/115BAD (for the assessment year 2021-2022 only)……

(cb) Adjustment to the written down value of an intangible asset due to the exclusion of the value of a company or profession’s goodwill…..

(cc) Wrongly written down value…….”;

(iv) in clause 32, the following sub-clause shall be substituted for sub-clause (a):

(a) To the extent practicable, specifics of the carried forward loss or depreciation allowance, as follows:

audit forms

*Take the assessed depreciation if the assessed depreciation is less and there is no appeal pending.

To be completed only for the evaluation year 2021-2022.”

Clause 36 is to be omitted.

Note: The principal rules were first published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) on March 26, 1962, and were last amended on March 31, 2021, by notification number G.S.R. 242 (E).

[Notification No. 28 /2021/F. No 370142/9/2018-TPL]
ANKIT JAIN, Under Secy. (Tax Policy Legislation)

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New GST Returns applicable from 1st April (Notified by Govt)

The Central Government has advised the new GST returns material from first April 2019 under which the organizations can report solicitations on a persistent premise.

The GST Council prior said that the new reconsidered GST profits would be actualized for a pilot premise from April 1, 2019, and would be commanded the nation over from July.

The new and updated return organization would block the need to outfit returns under the group of GSTR-1, GSTR-2 and GSTR-3, however the yearly return GSTR-9 may proceed, specialists said.

Prior, the GSTR-2 and GSTR-3, i.e., buy and information yield returns had been suspended by the GST Council because of its unpredictable structure.

Then again, GSTR-1, a deal return, and GSTR-3B, rundown input-yield return, remain. The new structures are transferred following an activity to disentangle the profits under GST.

The new return positions — named “ordinary”, “sahaj” and “sugam” — would make the consistence procedure easier for the littlest of organizations wherein citizens up to a turnover of Rs 5 crore would have a choice to record any of the three structures.

The new updated GST returns would assist the division with curbing GST avoidance since it empowers to coordinate the solicitations of the dealer and the buyer. And yet, it is probably going to increment administrative and regulatory work for organizations.

The HSN-wise subtleties should be given at the receipt level instead of the rundown level. Also, while subtleties at 4-digit HSN codes are required in the present configuration, the new arrangement would require those subtleties at the 6-digit HSN level.