Financial Products Taxation Overview (India – FY 2024–25) Financial Product Type of Income Tax Treatment Holding Period TDS Applicable Section Equity Shares / Mutual Funds / ETFs Capital Gains STCG @ 20% (from July 23, 2024); LTCG @ 12.5% over ₹1.25L <12m / >12m No Sec 112A Debt Mutual Funds Capital Gains Pre-Apr 2023: STCG …
TDS Deducted at 5% Post October 1, 2024: How Tenants Can Claim Refund for Excess Rent TDS and What Landlords Should Do? Background: TDS on Rent under Section 194IB Section 194IB of the Income Tax Act mandates that individual or HUF tenants (not liable to tax audit) must deduct TDS on rent exceeding ₹50,000 per …
F&Q related to Peer Review Audit of Practice Unit (PU) Q.: Does empanelment guarantee peer review work? Ans. No. Assignments are based on matching experience with PU’s nature of work. Q.: Can a Reviewer decline an assignment? Ans. Yes, due to conflict of interest, health, or pre-occupation, but must inform the Board. Q.: Can a …
Peer Review Checklist related to Preliminary Review Procedures Sl. No. Item Key Checks / Clarifications 1 Pre-audit meeting minutes Available & documented 2 Appointment letter with terms, resolution, and audit fees method Mandatory review 3 ADT-1 filing & NOC from predecessor auditor (for first audit) Verify records & ROC filings 4 Audit risk assessment …
IBBI Regulation 40B Filing of Forms Reporting Requirements: Structured Timelines & Penalties Introduced The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025, which come into effect from 1st June 2025, introduce a revamped Regulation 40B that significantly enhances reporting, accountability, and timeliness in the Corporate Insolvency Resolution Process (CIRP). …
Guide for choosing the correct ITR form for AY 2026 Guide for choosing the correct ITR form for AY 2026 (i.e., for income earned during FY 2024–25). Here’s a breakdown to help you or your clients file the correct Income Tax Return (ITR): Which ITR Form is Right for You? ITR 1 (Sahaj) : Eligible …
Whether 15CA/CB compliance required in case Payment to foreign bank branch of an Indian banka case study Common scenario involving payment of interest on the buyer’s credit to the foreign branch of an Indian bank and whether Form 15CA/CB compliance is necessary. Query: Ind Co. imported goods from entity in Hongkong. & Ind Co. obtained …
Credit Note Deduction under GST – New Compliance Alert! As per CBIC Circular No. 212/6/2024 dated 26-06-2024, issuance of a Credit Note alone is no longer sufficient for claiming tax deduction under GST. The supplier must obtain a CA/CMA certificate to claim a deduction on tax via credit notes, confirming that The recipient has reversed …
Whether Form 15CA/CB required when Transfer of Shares & No capital gains Exemption from Filing of Form 15CA/CB 31 categories of foreign remittances that are exempt from the requirement of filing Form 15CA & Form 15CB under Rule 37BB of the Income-tax Rules, 1962. Sl. No. Nature of Payment 1 Indian investment abroad — …
Key Highlights of the Proposal 5% remittance tax under President Donald Trump’s The proposed 5% remittance tax under President Donald Trump’s “The One, Big, Beautiful Bill” is a significant development that could directly impact millions of Non-Resident Indians and immigrants in the United States, especially those sending money back to India. What Is the Proposal …