Introduction to FIU-IND and Its Role The FIU-IND is the central agency responsible for receiving, processing, and analyzing financial information related to suspicious transactions. Its role is pivotal in preventing and detecting money laundering and terrorist financing in India. By registering with Financial Intelligence Unit—India, organizations fulfill their legal obligation to comply with the PMLA, contributing …
Overview on Financial Intelligence Unit – India (FIU-IND) The Financial Intelligence Unit – India (FIU-IND) is the central agency responsible for monitoring, analyzing, and disseminating financial intelligence related to money laundering and financial crimes. It operates under the Ministry of Finance and reports directly to the Economic Intelligence Council (EIC). Set up by: Government of India, …
Steps to Claim and Rectify a Wrongly Deposited Challan This blog provides an insightful overview of rectifying a common yet specific error in income tax challan payments, particularly when a payment meant for NON-TDS/TCS (CHALLAN NO./ITNS 280) is mistakenly deposited under TDS/TCS (CHALLAN NO./ITNS 281). Here’s a more structured breakdown of the steps discussed: Understanding …
ICAI deferred Phase III & Phase IV of the Peer Review Mandate The Institute of Chartered Accountants of India (ICAI) has extended the enforcement deadlines for Phases III and IV of its peer review mandate. Originally scheduled for April 2024 and April 2025, the new deadlines have been revised to 1 July 2025 for Phase …
What is Form 16C? Form 16C is a certificate under the Income Tax Act that provides details of the TDS deducted on rent payments. It is specifically associated with Section 194IB, which mandates that individuals or HUFs paying rent of INR 50,000 or more per month deduct TDS at 5%. Unlike other TDS deductions that …
CBDT on application of Principal Purpose Test under amended tax Treaties This clarification from the CBDT on the application of the Principal Purpose Test under amended tax treaties provides much-needed relief to foreign investors, especially those relying on the grandfathering provisions of agreements with Mauritius, Cyprus, and Singapore. Principal Purpose Test (PPT) : The Principal …
Overview on Capital Gain Provision on Period of Holding The provided chart outlines the period of holding for determining whether a capital asset is classified as a Short-Term Capital Asset or a Long-Term Capital Asset u/s 2(42A) of the Income Tax Act. Capital Gains Tax can significantly impact investment returns. With the 2024 Budget changes, …
The Bombay High Court, in the case of 87A Rebate In a recent judgment, the Bombay High Court addressed issues concerning the Section 87A rebate under the Income Tax Act, 1961. The case arose when taxpayers reported difficulties claiming the rebate due to updates in the tax filing utility after July 5, 2024. These updates …
FAQs on Liquidation and Voluntary Liquidation Forms (As on 10.01.2025) What are the key responsibilities of Insolvency Professionals when filing Liquidation and Voluntary Liquidation forms? Ensure accurate completion of all relevant fields. Submit comprehensive details and all required documents. File only one LIQ-1, LIQ-3, LIQ-4, VL-1, VL-3, and VL-4 per Corporate Debtor (CD). What documents …
GST Advisory on GST Waiver Scheme under Section 128A We are sharing this important update on the GST Waiver Scheme under Section 128A Key Points:- Here’s a quick summary for anyone needing clarification: Goods and Services Tax- Government of India, States and Union Territories Advisory for Waiver Scheme under Section 128A, A critical eligibility …