GST on Charitable and Religious Trusts: Exemptions, Rulings and Compliance Explained Do charitable trusts pay GST? The short answer Yes. A charitable or religious trust is fully within the GST net, and its supplies are taxable unless a specific exemption applies. Being registered under the Income-tax Act or having noble objects does not by itself …
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 …
Building a Robust Audit Manual for CA Firms: From Design to Implementation In today’s increasingly regulated audit environment, maintaining a well-documented and consistently implemented audit manual is no longer a best practice alone; it is a professional and regulatory necessity. An audit manual serves as the foundation of a firm’s quality management framework, ensuring that …
DPDP Act, 2023: 7 Major Penalty Areas Every Business Should Know The Digital Personal Data Protection Act, 2023, marks a significant step in India’s data privacy framework. The law governs how organizations collect, process, store, and protect digital personal data and applies to businesses, startups, professionals, e-commerce platforms, and other entities that handle personal information …
Tax Audit Reporting Changes in Form 3CD for FY 2025-26 (AY 2026-27): What Auditors Need to Know The Income Tax Department has introduced significant amendments to Form 3CD applicable for FY 2025-26 (AY 2026-27). These changes impact reporting requirements, audit procedures, documentation, and client data collection processes. Tax auditors must update their audit programs and …
Alternative (lower) tax regimes are available to assessees other than individuals/HUFs under the Income Tax Act. What does it mean? The Income Tax Act offers certain companies and co-operative societies the option to pay tax at concessional tax rates under special provisions. However, these regimes are not the default tax regime. An eligible taxpayer must …
Statutory Compliance Calendar August 2026 August 2026 is a crucial compliance month for businesses and professionals in India. In addition to routine statutory obligations such as GST return filing, TDS/TCS deposits, professional tax, provident fund, and Employees’ State Insurance compliances, taxpayers must also ensure timely completion of various regulatory and reporting requirements under direct and …
Overview Taxation of Firms & LLPs in India Key aspects of taxation of partnership firms and limited liability partnerships are as follows. Basic Tax Rate of Firms and LLPs Partnership firms and limited liability partnerships are taxed at a flat rate of 30%. After surcharge and health & education cess, the effective tax rate may …
EPF Scheme 2026: Can Employers Suddenly Restrict PF Contributions to INR 1,800? A question is currently circulating across HR departments, payroll teams, finance functions, and compliance forums: “Can employers now restrict their Provident Fund contribution to ₹1,800 per month?” The question arises from growing discussions around the EPF Scheme, 2026, and the continuation of the …
Can an Employer Introduce New Rules After Standing Orders Come Into Force? Many employers believe that once an organization grows, management has complete freedom to issue new HR policies, amend service conditions, or introduce fresh disciplinary rules through circulars, employee handbooks, appointment letters, or codes of conduct. Statements such as “We can issue a new …