We have all heard about the ill-effects of not filing returns of income on time. And the list is not short, which starts with interest, penalty and goes up to inability to claim carry forward of losses. The Income Tax Act provides that losses can be carried forward only if the return has been filed within the time prescribed under the Act. Neha Malhotra, Executive Director contrinuted an article on Can’t carry forward losses due to late filing of return? Apply to local tax authority for relief for Financial Express.

How has the government tightened the screws on illicit flow of funds through use of shell/inactive companies?   The ministry of corporate affairs has struck from the records the names of around 209,000 companies found to be without any business activity or those that have not filed financial statements for three years or more. Sumit Naib, Associate Director, Nangia & Co LLP shares his views on aforementioned story for Business Standard.

Transparency is when much is known to many. Embedding transparency into the tax system would mean creating an ecosystem where tax policies and compliances of any organisation contribute a fair share of tax to the government. Rakesh Nangia, Managing Partner and Neetu Singh, Director- Direct Taxation, Nangia & Co LLP contributed an article on Tax Transparency in a connected world for Hindu Business Line.