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 period to file such returns is 5 months in the case of the individual assessee, 2 months for audited businesses, and 1 month…

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 disclose additional income that has to mandatorily result in additional taxes. You cannot file a loss return, or decrease your income, the income…

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 on the Customs National Portal for better facilities and risk-based checks. It is expected that these reforms would be implemented by September 30.…

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 prescribes the manner, conditions and restrictions for availing input tax credit and also governs the communication of details of inward supplies and input…

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 Transport, Waterways, and Logistics infrastructure. Road projects – 20,000 crores has been allocated for the development of 25,000 km national highways Digital enhancement…

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!” You might have been there, and you know exactly what is to be done – run to the nearest dairy and get the…

Prologue Governments run on taxpayers’ money. They have two major tasks – collect money from citizens by way of tax, and distribute it back to all citizens by way of governance services. While the Government may not be efficient in the task of distributing the money back to citizens, it…

Prologue Have you ever wondered about human history and our existence on this earth? Sounds like a heavy discussion, as it’s not just about a few years, but many known and unknown million years and now 2021 also becomes a part of the same. While the earliest traces of human…

Prologue When we are born, we are all the same – we know nothing about this world. We start looking up to those around us – the parents and the close ones and learn the basics of living – how to eat, walk and talk. As we grow older, our…