Metaverse Background The coronavirus pandemic has forced corporates around the world to rethink their future course of action. While the superhumans at the head of corporates cannot..
Month: February 2022
Budget 2022 – Comprehensive analysis of budget announcements
“There’s no surprise, that’s the surprise.” Preface Cut your coat according to your cloth, because if you don’t, you will lose them both! Budgeting is an essential..
Budget 2022 – New Faceless Assessment Scheme
More time to release new faceless assessment schemes The scheme for faceless assessment for determination of arm’s length price under section 92CA, dispute resolution panel under section..
Budget 2022 – Concept of ‘Updated Returns’ explained
After filing the return, a taxpayer has an option to file a revised return or if not filed altogether, an option of filing of belated return. The..
Budget 2022 – Changes in the Income Tax Rules
New option to file ‘Updated Return’ after paying 25 – 50% additional taxes Under new section 140B, for filing an updated return, a taxpayer has to mandatorily..
Budget 2022 – Changes in the Customs and Excise Rules
SEZ administration to be reformed Necessary reforms are to be undertaken in Customs Administration of Special Economic Zones (SEZs) to make the same fully IT-driven and function..
Budget 2022 – Changes in the Goods and Services Tax (GST) Rules
No two-way communication in GST returns Section 38 has been substituted whose title is now ‘Communication of details of inward supplies and input tax credit’. The section..
Budget 2022 – Sectorwise key announcements and new schemes
Public infrastructure A new mission – ‘PM GatiShakti National Master Plan’ has been announced which will focus on the development of – Roads, Railways, Airports, Ports, Mass..
Sri Lanka – Debt trap, economic crisis and bankruptcy, explained
Prologue On a sunny Sunday, I was enjoying my cup of coffee along with my newspaper. Suddenly, a loud voice came from the kitchen, “There’s no milk!”..