What are capital gains on the Sale of Property? Capital gains arise when a property is sold for a profit. These are classified into two categories: Long-term Capital Gains: Applicable if the property is held for more than 24 months before the sale. Short-term Capital Gains : Applicable if the property is sold within 24 …
The Risks of Neglecting Compliance in Financial Transactions. This case highlights how a lack of awareness and negligence in compliance can lead to serious tax troubles. A farmer from Karnataka ventured into Futures and Options trading in FY14. Despite incurring a loss of INR 26 lakh, he did not report the transactions in his ITR, …
Round Tripping of Funds: A Red Flag for Financial Manipulation Round tripping is a deceptive practice used by entities to artificially inflate their financial statements. This practice is particularly concerning as it misleads stakeholders, creates a false image of financial health, and can severely damage investor trust. What is Round Tripping? Round tripping involves the …
The Role of Ring-Fencing in Forensic Audits: Safeguarding Project Finances Ring-fencing has emerged as a critical regulatory practice, separating specific assets, activities, or information within an organization to safeguard against systemic risks. While the primary goal of ring-fencing is to protect consumers and mitigate potential hazards, it also introduces governance challenges that may lead to …
An Overview on Kickbacks in Forensic Audits Kickbacks represent a critical area of concern in forensic audits, as they directly impact the financial health, ethical standards, and legal compliance of organizations. Here’s a closer look at their implications and the role of forensic auditors in detecting and preventing them. A kickback involves an illicit payment …
Amendments to arrest & bail procedures under CGST Act The Goods and Services Tax Investigation Wing’s Instruction No. 01/2025- Goods and Services Tax introduces important amendments to arrest and bail procedures under the Central Goods And Services Tax Act 2017, focusing on transparency and procedural fairness, particularly in light of recent judicial pronouncements. Below is a concise breakdown of …
55th GST Council meeting issuance of 8 Notifications by CBIC The 55th GST Council meeting and subsequent issuance of eight notifications by the CBIC on January 16, 2025, reflect ongoing efforts to refine and enhance the GST framework. These aim to streamline tax rates, exemptions, compliance mechanisms, and definitions to ensure greater clarity and fairness …
Harmonized system of nomenclature (HSN) in Goods and Services Tax HSN CODE IS REQUIRED ON ALL B2B INVOICES FOR EVERY TAXPAYER. HSN codes to be declared under the GST in present circumstances Note: A registered person with a cumulative turnover of up to 5 crores rupees in the past financial year is not required to …
India’s GST Collections Surge in December 2024 to INR 1.77 Trillion India’s GST collections for December 2024 reached a record ₹1.77 trillion, marking an 8% year-over-year increase. This growth reflects India’s robust economic performance and improved tax compliance, affirming the efficacy of the GST framework. The December 2024 GST collections exemplify India’s economic progress and …
GSTN Advisory on the Waiver Scheme under Section 128A, issued on January 14, 2025: Taxpayers should review their eligibility and take immediate steps to leverage the waiver scheme for smoother GST compliance. For more details, visit the advisory section of the GST portal. For guidance on filing applications and other updates, refer to the GST …