Applicability of Form 15CA / 15CB on Credit Card Payments for Foreign Subscriptions Rule 37BB Chart Applicability of Form 15CA / 15CB along with explanation relevant to credit card payments for foreign subscriptions like LinkedIn, Zoom, or other SaaS platforms. An Indian company makes payment for a LinkedIn Premium Subscription or similar foreign online …
Form 15CB – Situation: Rate of Tax Based on Year of Deduction Impact on issue of Form 15CB Scenario An Indian company received an invoice from a non-resident payee in March 2023 (FY 2022–23) for technical knowhow / royalty services. The invoice was booked in March 2023, but tax was not deducted at source at …
Auditor’s Responsibility / Form 3CD Reporting & Compliance Requirements u/s 43B(h) Tax Auditors (u/s 44AB) or Statutory Auditors (Companies Act) have increased responsibilities due to this provision. Tax auditor must Verification & Documentation along with Identify MSME Suppliers Obtain a list of suppliers with Udyam Registration Certificates. Auditor Verify whether they qualify as Micro or …
Govt to Roll Out Revamped GST Registration System from Nov 1, 2025 The Govt will launch a revamped Goods and Services Tax Registration system effective November 1, 2025, as part of the broader GST 2.0 reforms aimed at simplifying compliance and reducing processing delays. Automated Approvals for Low-Risk Applicants Under the new system, automated approvals …
Less Than One % of Accounting Firms Have More Than ten Partners Each Indian government’s plan to finalize revised guidelines by March to encourage the creation of large audit and consultancy firms, aiming to build a domestic equivalent of the global “Big Four” (EY, Deloitte, KPMG, PwC). The government is set to finalise reforms by …
CAs may Soon Get to Advertise their CA Firms The article emphasizes that this change will modernize the profession, improve client awareness, and create a level playing field for Indian firms globally. Summary of Key Points Regulatory Change Underway : The government is likely to amend laws governing chartered accountancy to relax restrictions on advertising …
Clarification on Reporting of TDS Payable under Clause 26 of the Tax Audit Report As per the Revised Guidance Note on Tax Audit (October 2025 edition) issued by the ICAI, it has now been clarified that TDS Payable is not required to be reported under Clause 26 of Form 3CD of the Tax Audit Report. …
Comparison of GSTR-1, GSTR-3B, GSTR-2A & GSTR-2B Difference of GST returns (GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B) along with their filing dates and key characteristics. Here’s a structured breakdown: Return Type Purpose Filed By Nature Frequency Due Date / Availability Remarks GSTR-1 Statement of outward supplies (sales) made Supplier of goods/services Filed return Monthly / Quarterly …
India Has 2 million Lawyers But Are We Using Their Talent Well? Mministry of Law & Justice has informed Rajya Sabha that as of August 2023 there are 20,13,081 registered advocates in India. Given India’s population of roughly 1.438 billion (2023 estimate) this works out to roughly 140 advocates per 100,000 people (i.e., about one …
Is Buying Car Insurance Online Safe? Buying comprehensive car insurance online has become the preferred choice for many car owners today. It is fast, convenient, and often more cost-effective compared to traditional offline methods, but many people still hesitate. The main concern is safety. Moving from face-to-face interactions with agents to digital platforms raises questions …