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of <h1>Amendments to Direct Tax Laws: Uniform Financial Year, Mandatory Interest for Late Filings, Simplified Assessment Procedures.</h1> The circular provides detailed explanations of amendments to the Direct Tax Laws (Amendment) Acts of 1987 and 1989, focusing on various aspects of tax law, including the adoption of a uniform financial year for all taxpayers, changes in assessment procedures, and the introduction of mandatory interest for late filings and defaults. It outlines amendments to sections related to income tax, wealth tax, and gift tax, emphasizing simplification and the removal of discretionary powers to reduce litigation and streamline tax processes. The circular also addresses procedural changes for assessments, reassessments, and the calculation of interest on refunds, applicable from the assessment year 1989-90 onwards.
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