PNP Advisors


India Tax Updates


Turnover limit for applicability of e-invoicing reduced to INR 20 Crores from April 1, 2022. All entities having turnover greater than INR 20 crores in any preceding financial years need to register on the IRN portal on or before April 1, 2021. Detailed advisory on e-invoicing has also been provided by the GSTN.

User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced by the Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address.

Automated Interest calculator functionality has been deployed by the GSTN

Income Tax

Surcharge on all long-term capital assets capped to 15 percent aligning with regime for listed securities

Extension of last date for commencement of manufacturing or production extended to 31 March 2024 – to avail the concessional tax rate of 15 percent for domestic manufacturing companies

Section 115BBD revoked – no special tax rate in case of foreign-sourced dividend received

Sunset provisions for start-up exemption extended, whereby, eligible start-ups incorporated on or before 31 March 2023 will be able to claim the benefit of tax holiday exemptions under Section 80-IAC

MCA Related Updates

Audit trail functionality to be applicable from FY 2022-23

CARO applicability for audits undertaken for 2021-22

Amended format of Schedule III applicable from FY 2022-23

Amendment to LLP Act, 2008 introduced

The timeline to convert convertible notes into equity shares has been extended to 10 years from 5 years which is likely to give relief to DPIIT recognized start-ups

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Income Tax

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