FY 2021-22 changes in compliance

What has been changed in Financial Year 2021-22

Income Tax

  • New procedure for registration/ re-registration of Trust u/s 12AB
  • Income Tax returns (belated/revised) for FY 20-21 can be filed till 31-12-2021 only (in last year, ITRs could have been filed till 31st March i.e. end of assessment year)

TDS/TCS

  • Concessional rates of TDS/TCS are not applicable wef 01-April-2021
  • Higher TDS and TCS rates for non-filers of ITR w.e.f. 01-July-2021 (5% or twice the rate specified in the relevant provisions of the Act or twice the rate or rates in force)
  • TDS on purchase of goods w.e.f. 01-July-2021 on purchase or payment from the supplier exceeds Rs. 50 lacs during the year for payers having turnover>10cr. in preceding financial year

GST

  • Mandatory disclosure of HSN/SAC codes – 4 digits if turnover in previous year<=5 cr. or 6 digits if turnover in previous year>5 cr., else, ITC cannot be claimed
  • e-invoicing mandatory for the tax payers having aggregate turnover exceeding Rs. 50 crore from 01-April 2021
  • New invoice series for the new financial year

Company Law

  • For FY 21-22 and subsequent periods, every Company shall use only such accounting software that records audit trail for each and every transaction with details of edit log
  • Changes in Schedule III increasing the disclosure requirements
  • CSR-1 form to be e-filed for registration by entities undertaking CSR activities 
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