North Atlantic Treaty Organisation (NATO) North Atlantic Treaty Organization (NATO) is a military alliance that was formed in 1949 by 12 countries. It derived the name ‘North Atlantic’ as the countries involved were located in the Northern hemisphere of the Atlantic Ocean – the United States and Canada on the…

Prologue Right and wrong – surprisingly, the simplest and yet most widely misunderstood concept, even in the twenty-first century where the world thrives on data and instant information. What’s right and what’s wrong, is a matter of opinion. It is subjective as based on an individual’s perception. Something might be…

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 ensure their existence beyond human capabilities, they are ensuring that their corporates have a safe and steady future even after their existence comes…

“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 part of our lives. We are budgeting all the time, knowingly, unknowingly, as it helps us in keeping our expenses in tandem with…

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 144C and appeal to the appellate tribunal under section 253, were required to be issued by March 31, 2023; and for the procedure…

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…