Preface

Practice in Income Tax Law was and has always been challenging. It keeps one on toes every time because the law is dynamic and keeps on changing by the Finance Act and other Acts till the year end. This is so coupled with the Rules that get amended several times in a year. The procedures also change because the rules get amended several times and also the Circulars, Clarifications, Notifications, Press Notes, etc. issued in the related assessment years have to be taken care of. Circular, of late has become new law. The recent Circulars being Circular No. 13/2021 and 14/2021 has even tinkered with the provisions of law. Circular No. 14/2021 has even expanded the meaning of the term capital assets for the purposes of section 48 of the Act.

Any tax practitioner is expected to keep himself abreast of the all round latest developments so as to discharge his primary function of ITR filing and other tax compliances in an error free mode. Earlier, the language of new additions [Sections, Sub-sections, Provisos, Explanations, etc.] to Income Tax Act, used to be simple and easily appreciable. However, it is not so now with the language of the new amendments which prima facie appear to be simple but on a close reading there may be far reaching and adverse consequences hidden therein. The primary task of the Tax Practitioner is to appreciate the effect of the latest amendments correctly, understand their impact and then only implement in the case of the client. All the more important is the understanding of the adverse effects which come in the time of assessment and ensure that none of them disturb his assessees peace of mind.

Here comes the need of a publication like the one in readers' hand titled 'Decoding Recent Statutory and Procedural Developments for Guidance to Tax Consultants' and this is the first one such. This takes into account all recent developments, explains them threadbare with the help of appropriate illustrations and case studies so that the reader can appreciate the true ambit of the provisions with their likely impact. This publication is expected to help the tax practitioner to gauge the real impact of any amendment and then to plan accordingly and get the client concerned of the possible implication to their case and take their response thereto.

The return filing season for the assessment year 2021-22 is yet to take off because the new Income Tax Portal is not allowing users to do any activity on the portal. The book in your hand explains all the statutory and procedural developments which are relevant to Income Tax Practice for the current financial year 2021-22 and also for the current assessment year 2021-22. Gone are the days when people used to file ITR casually and then wait for the notice to explain the case, if need arose. Earlier the Government was not armed with a lot of information and chances of any action was minimal. As of now, in faceless environment, the ITR is the primary document on which entire case is set up later on. The Government has created many many sources which keep flowing information to it and thus it becomes typically difficult to hide any information and then later to save the client from adverse consequences, if action is taken by the Government. So while filing ITR one has to keep stock of entire information and to disclose it properly in the ITR so as to be able to file a proper reply later on in case needed.

Apart from that, several tax compliances are to be done by the taxpayer. The compliance may look costly affair but non-compliance may be all the more costlier. Currently speaking, any non-compliance brings a lot of pecuniary consequences.

This book thus caters to the diverse needs of a busy Tax Practitioner in all respects be it tax filings or tax compliance or advisory role so as to enable him to discharge his duties efficiently and steer his clients out of any adverse action by the Department.

Users will tend to benefit from the contents of this book, the first such, we believe. It is also timely.

JODHPUR	Dr. AVADHESH OJHA
9 JULY, 2021	CA. MANOJ GUPTA