Mandatory Registration of NGO’s with MCA for raising CSR Funds- Companies established under section 8 of the Act, or a registered public trust or a registered society, registered under section 12A and 80 G of the Income Tax Act, 1961 are eligible to file Form CSR – 1 on the MCA portal in order to receive any CSR funding.
Businesses are liable to pay twice the TDS rate specified in the Income tax act on default in filing their return. – A new section has been introduced for the deduction of TDS at a higher rate for the non-filers of Income tax within the stipulated time limit of two previous years with a total amount of deduction and collection of tax more than Rs.50, 000. As per this provision he shall be liable to deduct TDS at twice the rate specified by the Income tax Act.
HSN/SAC Code mandatory on B2B and B2C tax invoices for businesses with turnover exceeding Rs.5 Cr. – 4 digit HSN code is mandatory for tax payers with a turnover up to Rs.5 Cr in the preceding financial year and for a 6 digit HSN code for tax payers with turnover exceeding Rs. 5 Cr. Invoice would be deemed invalid and a penalty of Rs.25, 000 under CGST Act can be charged on default in this regard
Interest on Provident fund taxable – Previously interest on employee contribution to provident fund was exempt from tax. However, as per the Finance Act 2021 no such exemption will be available if the contribution made by the employee exceeds Rs. 2,50,000 (In case if employer contributes to such fund) or Rs. 5,00,000 ( In case if no employer contribution to such fund ) in the previous year. This interest income shall be taxed at normal slab rates under the head income from other sources.
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