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Budget

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

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

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

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