Form GSTR 2A – It contains information of Auto Drafted Supplies whereas Form GSTR 2B – It is an Auto Drafted ITC (Input Tax Credit) Statement.

Interestingly, both the above-referred statement reflects details of inward supplies as well as details of an input tax credit.

Since both the statements cover the same details, it is important to understand the distinction between the same.

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Let's understand about TDS Section 194N in a simple way along with examples.

To discourage cash payments, the finance minister has introduced Sec 194N in Budget 2019 for TDS on cash withdrawals exceeding ₹1 crore.

In Budget 2020 the threshold limit for TDS u/ 194N was reduced to ₹20 lakh for taxpayers who hve not filed their IT returns for past 3 years

TDS on cash withdrawal u/s 194N will not apply to withdrawals made by the following persons:

1. Central or state government

2. Private or public sector bank

3. Any cooperative bank

4. Post office

5. Business correspondent of any bank

6. White label ATM operator of any bank

7. Central government specified commission agents or traders operating under APMC for making payment to the farmers on account of purchase of agriculture produce

8. Authorized dealers and its franchise agent and sub-agent and FFMC licensed by RBI and its franchise agents

Due date for Income Tax Returns for AY 22-23 of the following category has been extended to 07/11/22 from the existing date of 31/10/22

(i) Company; or
(ii) person liable for Audit under IT or any other law; or
(iii) partner of firm liable for Audit under IT or any other law

CBDT has extended the due date of filing of TDS return in Form 26Q (non salary) for the 2nd quarter of FY 22-23 from 31-10-22 to 30-11-22.

Do note, TDS return relating to Salary is filed in Form 24Q and its due date is not extended.

Extension is only related to Form 26Q.

Do note, TDS return relating to Salary is filed in Form 24Q and its due date is not extended.

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ROC Updates:

Today i.e. 29-10-2022 is the due date for filing AOC-4 (Form for filing financial statement) for FY 21-22 if the Company AGM date was 30-09-2022

During investigation payment made using DRC-03 can’t be used as pre-deposit while filing GST appeal: Para no 2 of CBIC 240137/14/2022-service tax section-CBEC Dated 28.10.2022

Note:In stax regime amount paid during investigation/enquiry was allowed as pre-deposit for appeal

Let's understand about TDS Section 194-IB in a simple way.

This section is very peculiar as it is applicable to those who are generally excluded from TDS provisions.

For the purposes of this section, "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both