1. Income Tax Window is now open to file Income Tax return for FY 2019-20 and FY 2020-21 if one has missed filing it and for filing updated return if one has under reported income in the tax return filed for these years. With additional tax liability of 50% for FY 2019-20 and 25% for FY 2020-21 for filing the updated return, the taxpayers can avoid penalty as well as prosecution.

E-filing of Updated ITR (ITR-U) u/s 139(8A) has been enabled for all forms (ITR 1 to ITR 7) for AY 2020-21 and AY 2021-22.

2. GST payable on the interest component of EMI of Credit Card loan: HIGH COURT OF CALCUTTA: Ramesh Kumar Patodia v. Citi Bank [WPO NO. 547 OF 2019 JUNE 24, 2022 ]

3. CBDT has notified new Rule 17AA prescribing books and other documents to be kept and maintained by entities under clause 10(23C) or section 12A (Charitable Institutions). The books of accounts and other documents may be kept in written form or in electronic form or in digital form. They shall be kept and maintained for a period of 10 years from the end of the relevant year.

4. GST: The GST policy wing of the CBIC is conducting an in-depth analysis to widen the coverage of tax on the crypto ecosystem. It is looking to bring in more activities such as mining platforms for cryptocurrency assets and the use of virtual digital assets (VDAs) as a medium of exchange in purchases under the tax net.

5. TDS: Banks have approached the CBDT for clarity on the scope of Section 194R of the Income Tax Act, as they fear the newly introduced provision will force them to deduct a 10% tax at source on incentives extended to large business customers through credit cards.