Unpaid Audit Fees and Auditor Independence: What the ICAI Code of Ethics Really Says No, an auditor is not barred from signing this year’s audit report just because earlier fees are unpaid. But long-overdue fees are a real independence threat, and the ICAI Code of Ethics expects you to act on them. A message has …
Moving to the UAE: What Actually Decides Your Indian Tax Residence Documents show where you live, not your tax status A UAE residence visa, Emirates ID, tenancy contract and Dubai bank account are good evidence of where a person lives. None of them decides residential status under Indian income tax law. Indian residence is decided …
Depreciation Rate Chart (Income-tax Act, 1961) (As shown in the above applicable from FY 2025-26 onwards on WDV basis) Asset / Block Depreciation Rate Residential Building 5% Other Buildings 10% Temporary Wooden Structures 40% Furniture & Fittings 10% General Plant & Machinery 15% Motor Cars 15% Motor Buses, Lorries & Taxis Used on Hire 30% …
Summary of August 2026 GST Revenue Review The AUG 2026 gst revenue report final for publishing monthly shows a strong GST collection trend in August 2026, driven mainly by higher import-related GST collections and steady domestic growth. Key Highlights- August 2026 GST Revenue 1. Gross GST Collection Crosses INR 1.99 Lakh Crore Gross GST revenue for …
DPDP Compliance Readiness: A Detailed Guide for Businesses The Digital Personal Data Protection Act, 2023 (DPDP Act) and the DPDP Rules, 2025 have fundamentally changed how organizations in India must handle personal data. Every business that collects, stores, processes, or shares personal information of customers, employees, vendors, website visitors, or business partners must establish a …
CBDT Extends Tax Audit & ITR Due Dates for AY 2026-27 Background: The Rajasthan High Court’s Intervention The announcement came on the same day as a hearing before the Rajasthan High Court. The hearing was on a petition by the Rajasthan Tax Consultants Association (RTCA) seeking an extension. The Court asked the CBDT to clarify …
TDS on Purchase of Immovable Property from a Non-Resident: PAN-Based Compliance from 1 October 2026 Income-tax (Fifth Amendment) Rules, 2026 — Notification G.S.R. 830(E) dated 22 September 2026 1. The notification at a glance The Central Board of Direct Taxes (CBDT) has issued Notification No. 121/2026 (G.S.R. 830(E)), dated 22 September 2026, amending the Income-tax …
Running a Crypto OTC Desk in India: A Complete Guide to Accounting, Tax, GST and Regulatory Compliance for USDT Transactions Corporate over-the-counter (OTC) trading in stablecoins such as USDT (Tether) has grown rapidly in India. Businesses buy USDT for cross-border settlements, treasury management and trading, and many prefer a KYC-driven OTC desk over a public …
Foreign Tax Credit Cannot Be Denied Merely for Late Filing of Form 67: ITAT Bangalore Ruling Explained A recent decision of the Income Tax Appellate Tribunal, Bangalore brings meaningful relief to taxpayers claiming Foreign Tax Credit. The Tribunal held that a genuine Foreign Tax Credit claim should not be rejected only because Form 67 was …
What is UPI MDR (Merchant Discount Rate), and why is it being introduced? What is MDR? Merchant Discount Rate (MDR) is a fee paid by merchants to banks and payment service providers for processing digital payment transactions. The proposed MDR framework aims to support: UPI infrastructure development Cybersecurity enhancements Fraud monitoring systems Merchant onboarding and …