INCOME TAX
Comparative penalty provisions under the ITA 1961 vs ITA 2025.
RJA 05 Sep, 2026
Major penalty provisions Income Tax Act, 2025 vs. Income Tax Act, 1961 The Income Tax Act, 2025, is largely a restructuring and renumbering exercise, with most penalty provisions continuing without major changes. Most penalty provisions are renumbered rather than substantially amended. Section 271AAC (unexplained income penalty) has been omitted. Crypto-asset reporting penalties were ...
INCOME TAX
Residential Status & DTAA Framework: A Comprehensive Guide
RJA 04 Sep, 2026
Residential Status & DTAA Framework: A Comprehensive Guide Under this blogs, we are going to discuss the residential status of individuals and the residential status of entities. We will explain in Place of Effective Management (POEM) Residential Status & DTAA Framework With increasing globalization, individuals are working across ...
Income tax return
Taxation of Exchange Traded Funds (ETFs) in India
RJA 30 Aug, 2026
Taxation of Exchange Traded Funds (ETFs) in India The tax treatment of Exchange Traded Funds (ETFs) depends on the underlying asset (equity, gold, silver, debt, etc.) and the holding period. The classification determines whether the gain is taxed as a Short-Term Capital Gain (STCG) or a **Long-Term Capital Gain (LTCG).** ...
Chartered Accountants
ICAI Expands Bulk UDIN Facility for CA's: Key Features & Process
RJA 30 Aug, 2026
ICAI Expands Bulk UDIN Facility to Tax Audit and Audit & Assurance Functions In a major step towards simplifying compliance and improving efficiency for chartered accountants, the Institute of Chartered Accountants of India (ICAI) has extended the Bulk UDIN Generation Facility to tax audit and audit & assurance functions. Previously, ...
INCOME TAX
CBDT Targets Form 15CB / Form 146 Certifications & Foreign Remittances
RJA 30 Aug, 2026
CBDT Sharpens Focus on Form 15CB / Form 146 Certifications and Overseas Remittances The Central Board of Direct Taxes (CBDT) has significantly intensified its scrutiny of overseas remittances and the professional certifications supporting them. Through a nationwide verification initiative announced on 18 August 2026, the Income Tax Department has targeted hundreds of entities involved ...
Chartered Accountants
Can a CA Claim 44ADA on Remuneration Received as a Working Partner?
RJA 29 Aug, 2026
Can a CA Claim 44ADA on Remuneration Received as a Working Partner? Background of the Case The assessee, a CA & working partner in a chartered accountant firm, received approximately INR 27 lakh as remuneration from the partnership firm. Being a qualified CA holding a valid Certificate of Practice (COP), he ...
Crypto
FIU-IND Guidance for Principal Officer (PO) of VDA SPs
RJA 27 Aug, 2026
FIU-IND Guidance for Principal Officer (PO) of Virtual Digital Asset Service Providers (VDA SPs) The "Guidance for Principal Officer (PO) for Virtual Digital Asset Service Providers (VDA SPs) Sector - Minimum Requirements and Qualifications," issued on 25 February 2025 by the Financial Intelligence Unit - India (FIU-IND) under the ...
GST Filling
GST Late Fee in 2026: Guide to Late Filing Fees Under GST
RJA 25 Aug, 2026
GST Late Fee in 2026: Complete Guide to Late Filing Fees Under GST Timely filing of GST returns is one of the most critical compliance requirements for registered taxpayers. Failure to file GST returns within the prescribed due dates can attract late fees U/s 47 of the Central Goods and Services ...
AUDIT
Highlighted of Major Changes in Tax Audit (FY 2025-26 / AY 2026-27)
RJA 21 Aug, 2026
Tax Audit Limits: Income Tax Act, 1961 vs. Income Tax Act, 2025 With the transition from the Income Tax Act, 1961, to the Income Tax Act, 2025, many professionals were expecting a major shift in tax audit limits. The good news? Core thresholds remain unchanged. Under this blog are major changes in ...
AUDIT
Mandatory Sample AS disclosure for non-company MSME financials of 2025-26
RJA 20 Aug, 2026
Detailed Explanation of MSME Accounting Standards Framework for Non-Company Entities Based on ICAI Compendium of Accounting Standards (1 April 2025) An accounting policy disclosure that an LLP can include in its financial statements when it qualifies as a micro, small, and medium enterprise under the Institute of Chartered Accountants ...
COMPANY LAW
All about Annual Filing of Companies under the Co.Act, 2013
RJA 18 Aug, 2026
All about Annual Filing of Companies under the Companies Act, 2013 Overview of Annual Filing Requirements Annual filing is a mandatory compliance requirement for every company registered under the Companies Act, 2013. Through annual filings, companies submit their financial statements, annual returns, and governance-related information to the Registrar of Companies (ROC) through ...
INCOME TAX
Common Audit Pitfalls in VDA & Carbon Credit Audits & How to Avoid
RJA 12 Aug, 2026
Common Audit Pitfalls in VDA & Carbon Credit Audits and How to Avoid Them These are the areas most likely to attract scrutiny during a tax audit, assessment, or departmental inquiry. Auditors should specifically design procedures to address these risks. Pitfall Risk Level Why It Is a Problem Mitigation Strategy ...
INCOME TAX
Carbon Credits –Dedicated Sub-Checklist (Tax Audit Perspective)
RJA 12 Aug, 2026
Carbon Credits – Dedicated Sub-Checklist (Tax Audit Perspective) Carbon credits require a separate audit approach because their tax treatment in India is not yet fully settled, especially where credits are tokenized and traded on blockchain platforms. The auditor's first task is to determine whether the carbon credit is a ...
FCRA
Debate Around the FCRA Amendment Bill, 2026: Expose the False Myths
RJA 10 Aug, 2026
Is the FCRA Amendment Bill Anti-Christian? Eexpose the falseness Myths & Setting Record Straight Claims that the FCRA Amendment Bill, 2026 is an "anti-Christian" law have generated significant debate. However, a reading of the proposed provisions suggests that the legislation is primarily focused on regulating foreign funding, improving ...
FIU IND
Who Regulates the Crypto Ecosystem in India?
RJA 09 Aug, 2026
Who Regulates the Crypto Ecosystem in India? As the regulatory framework continues to evolve, investors, traders, and crypto businesses must remain compliant with the requirements of multiple authorities rather than a single regulator. The regulation of cryptocurrencies and other virtual digital assets in India is spread across multiple government ...
Crypto
The Four Statutory Pillars of Crypto Taxation in India
RJA 09 Aug, 2026
The Four Statutory Pillars of Crypto Taxation in India 1. Taxation Under the Income Tax Act Tax on Crypto Gains: U/s 115BBH, income arising from the transfer of virtual digital assets, including cryptocurrencies and NFTs, is taxed at a flat 30% rate. Taxpayers are allowed to deduct only the cost of ...
GST Compliance
Availability of ITC to a Business Traveler on Hotel Accommodation Services
RJA 02 Aug, 2026
Availability of Input Tax Credit (ITC) to a Business Traveler on Hotel Accommodation Services Taxed at the Concessional GST Rate of 5% 1. Background Whether a registered person (business traveller) is entitled to claim Input Tax Credit (ITC) under the Central Goods and Services Tax Act, 2017 ("CGST Act") on GST ...
Goods and Services Tax
GST Reminder: GST Delay Can Be Costly!
RJA 02 Aug, 2026
GST Reminder: Delay Can Be Costly! In this blog we are highlighting an important GST compliance requirement: delay in payment of GST can result in interest liability at 18% per annum, which is automatically calculated by the GST Portal. Why Is Interest Charged? Under the GST law, if a registered ...
INCOME TAX
F&O Trading Income Tax: Complete Guide for Traders
RJA 30 Jul, 2026
F&O Trading Income Tax: Complete Guide for Traders Income earned from futures & options trading is generally treated as business income under the Income Tax Act. Therefore, traders are required to report such income in ITR-3. Taxpayers opting for the presumptive taxation scheme and fulfilling the prescribed conditions ...
INCOME TAX
Declaration of Foreign Assets and Income: Compliance for Resident Taxpayers
RJA 16 Jul, 2026
Declaration of Foreign Assets and Income: A Critical Compliance Requirement for Resident Taxpayers Introduction With increasing globalization, many Indian residents earn income from overseas sources or hold assets outside India, such as foreign bank accounts, shares, ESOPs, properties, trusts, and investment portfolios. The Income Tax Department has reiterated the importance ...
INCOME TAX
CBDT to Display Foreign Financial Information in AIS: For NRIs
RJA 12 Jul, 2026
CBDT to Display Foreign Financial Information in AIS: What NRIs, Returning Indians & Global Taxpayers Need to Know CBDT will now display foreign financial information received under CRS, FATCA, and AEOI in AIS. Learn the impact on NRIs, RNORs, returning Indians, foreign asset reporting, DTAA, and tax compliance. Introduction In ...
Chartered Accountants
ICAI Membership Benefits – Exclusive Advantages for Chartered Accountants
RJA 08 Jul, 2026
ICAI Membership Benefits – Exclusive Advantages for Chartered Accountants ICAI was established under an Act of Parliament that empowers ICAI members. Enriching Lives. The Institute of Chartered Accountants of India (ICAI) continues to enhance the professional ecosystem for chartered accountants by offering a wide range of member-centric ...
INCOME TAX
Explained Simply: Form 10-IEA Requirement at a Glance
RJA 28 Jun, 2026
Explained Simply: Form 10-IEA Requirement at a Glance This blog explains when Form 10-IEA is required for taxpayers having business or professional income who wish to opt out of the new tax regime and switch to the old tax regime (OTR). We have to understand the Important Rule for Form 10...
Chartered Accountants
ICAI & Sarvam AI to Develop a Dedicated AI Model for CA
RJA 28 Jun, 2026
ICAI & Sarvam AI to Develop a Dedicated AI Model for Chartered Accountants: A Game Changer for the Profession Artificial intelligence is rapidly transforming the accounting and finance profession. Chartered accountants today increasingly use artificial intelligence tools such as ChatGPT, Gemini, and Claude for research, tax advisory, compliance reviews, audit ...
