AUDIT
Banking Fraud on Govt.-Sponsored Schemes & Dormant A/cs in Banks
RJA 08 May, 2026
Banking Fraud on Government-Sponsored Schemes & Dormant Accounts in Banks Banking frauds have evolved in sophistication, particularly in areas involving government-sponsored schemes and dormant accounts. These segments, designed to promote financial inclusion and welfare distribution, are increasingly being exploited due to control weaknesses and operational gaps. Recent audit observations highlight ...
INCOME TAX
Tax Year – Meaning, Example & Key Changes
RJA 07 May, 2026
Tax Year – Meaning, Example & Key Changes What is Tax Year? A Tax Year is a 12-month period from 1 April to 31 March. Introduced under the Income Tax Act, 2025. Effective from 1 April 2026. Replaces: Financial Year and Assessment Year, Remove confusion and simplify tax understanding. so following are Key Change. Old ...
Goods and Services Tax
Goods & Services Tax Loopholes & Fraud Areas in India
RJA 03 May, 2026
Goods & Services Tax Loopholes & Fraud Areas in India Goods & Services Tax fraud largely revolves around fake Input Tax Credit, fictitious entities, refund abuse & turnover suppression, while classification & Input Tax Credit eligibility continue to drive interpretational disputes & litigation. Challenges faced to overcome fake ...
Goods and Services Tax
Overview GST Returns & Compliance in India
RJA 03 May, 2026
Overview GST Returns & Compliance in India Timely Goods and Services Tax compliance helps businesses to avoid penalties and notices, ensure smooth input tax credit flow, maintain good compliance ratings, and prevent business disruptions (e‑way bill blocking, registration suspension). This blog guide about what Goods and Services Tax returns ...
AUDIT
Guide Presumptive Taxation Scheme (44AD) FY 2025‑26
RJA 03 May, 2026
Guide to the Presumptive Taxation Scheme (Section 44AD) (FY 2025 2026) A tax audit is required to become mandatory; if the tax audit is mandatory, the audit becomes mandatory if taxpayers opt out of 44AD and the declared income is below 6% / 8% and the total income exceeds the basic exemption limit. Then books ...
Goods and Services Tax
Guidance on Invoice Numbering Rules under GST
RJA 03 May, 2026
Guidance on Invoice Numbering Rules under GST Under Goods and Services Tax and invoice numbering are statutory compliance requirements, not merely an internal accounting practices. Proper invoice numbering ensures traceability, input tax credit eligibility, and audit integrity. The provisions governing invoice numbering are primarily the following: Section 31 of the Central ...
Goods and Services Tax
Important GST Limits Every Business Must Know
RJA 03 May, 2026
Important GST Limits Every Business Must Know The Goods and Services Tax is not just about filing returns. It’s about tracking critical limits and thresholds that directly affect taxpayer registration status, input tax credit, cash flow, interest & penalties, and also departmental scrutiny. Goods and Services Tax compliance ...
COMPANY LAW
Compliance Reporting Methods with FIU IND portal
RJA 02 May, 2026
Compliance Reporting Methods with Financial Intelligence Unit – India Financial Intelligence Unit – India is the central national agency responsible for: Receiving financial intelligence from reporting entities Analysing information relating to Money Laundering (ML) and Terrorist Financing (TF) Sharing actionable intelligence with law‑enforcement agencies and foreign FIUs ...
ROC Compliance
All ABOUT OF EMPLOYEE STOCK OPTION PLAN (ESOP) SCHEME
RJA 23 Apr, 2026
What is ESOP? Employee Stock Option Plan (ESOP) : An Employee Stock Option Plan is an employee benefit scheme that enables employees to own shares in the company. and a long‑term incentive and compensation mechanism under which a company grants its employees the right (but not the obligation) to purchase ...
GST Filling
GSTN Advisory on Re Computation of Intt (Table 5.1 of GSTR 3B)
RJA 19 Apr, 2026
GSTN Advisory on Re Computation of Interest (Table 5.1 of GSTR 3B) It can be difficult to manage compliance under the Goods and Services Tax, particularly when system-driven modifications and advice are implemented at various stages of submitting returns. The advisory on the recomputation of interest under Table 5.1 of GSTR 3B, ...
AUDIT
ICAI: Widening Scope of Mandatory Applicability of AQMM v2.0
RJA 19 Apr, 2026
ICAI: Widening Scope of Mandatory Applicability of AQMM v2.0 The Institute of Chartered Accountants of India has issued an important update expanding the scope of mandatory applicability of the Audit Quality Maturity Model (AQMM) Version 2.0. Previously, the Audit Quality Maturity Model (AQMM v2.0) was mandatory only for firms (practice units) ...
COMPANY LAW
Massive MCA Form Consolidation for simplifying compliance
RJA 11 Apr, 2026
Ministry of Corporate Affairs Proposes Companies (Incorporation) Amendment Rules, 2026 The Ministry of Corporate Affairs has issued a Public Notice dated April 8, 2026, proposing key amendments aimed at streamlining compliance, eliminating duplication, and strengthening the Ease of Doing Business in India. These proposed amendments reflect a clear shift towards digital-first compliance, reduced ...
TDS
TDS on Payments to Non‑Residents w.e.f 1.04. 2026
RJA 08 Apr, 2026
TDS on Payments to Non Residents Income Tax Act, 2025 w.e.f 1.04. 2026 Structural Shift in Law: Replacement of Section 195 Income Tax Act, 2025 Under Section 393(2) of the Income Tax Act, 2025 replaces Section 195 of the Income-tax Act, 1961 for Tax deducted at source on non-resident payments. While rates remain largely similar, ...
Chartered Accountants
Practical Challenges in Foreign Remittance w.e.f. 1 April 2026
RJA 07 Apr, 2026
Foreign Remittance Compliance Update (Effective 1 April 2026) India’s foreign remittance framework is undergoing a major procedural shift under the Income-tax Act, 2025. While the new regime aims to streamline and digitize foreign remittance compliance, this creates significant transformation in foreign remittance compliance under the Income Tax Act, 2025, impacting both tax ...
TDS
All about Consolidation & Rationalisation of TDS Sections Provisions
RJA 07 Apr, 2026
Consolidation & Rationalisation of TDS Sections Provisions The Income Tax Act, 2025, introduces a major structural rationalisation of Tax Deduction at Source provisions, aimed at improving clarity, ease of compliance, and administrative efficiency without altering the substantive tax framework. This reform does not impact taxability or rates of deduction but reorganises ...
INCOME TAX
Why Reporting Bank Balance as on 31st March 2026 Matters
RJA 06 Apr, 2026
Why Reporting Bank Balance as on 31st March 2026 Matters Reporting the bank balance as of 31st March 2026 has become a critical compliance requirement for taxpayers in India, particularly from Assessment Year 2026 2027 onward. This disclosure directly impacts tax transparency, scrutiny risk, and the ability to justify financial transactions for FY 2025‑26. (Applicable ...
Goods and Services Tax
Practical Guide - How to Manage Para 5(e) Compliance
RJA 06 Apr, 2026
A Practical Guide to goods and services tax Law Para 5(e) Compliance GST Tax Rate & ITC Implications under Para 5(e) Paragraph 5(e) of Schedule II (agreeing to tolerate an act, refraining from an act, or doing an act ) was once one of the most litigated provisions under goods ...
COMPANY LAW
MCA Plans New Audit Regime to Align with Global Standards
RJA 04 Apr, 2026
Ministry of Corporate Affairs Plans New Audit Regime to Align with Global Standards The Ministry of Corporate Affairs is preparing to roll out a new auditing regime aligned with global standards, a move aimed at resolving long-standing differences between the National Financial Reporting Authority and the Institute of Chartered Accountants ...
OTHERS
High Paying Careers in Finance & Business
RJA 04 Apr, 2026
High Paying Careers in Finance & Business Finance & Business careers are high paying not because they are glamorous, but because they involve Managing large amounts of money, Making risk‑critical decisions, supporting strategic business outcomes, and handling complex regulations & data. Let’s break down the most sought‑...
INCOME TAX
Both New & old tax regimes allow salary‑based tax‑free flexi benefits
RJA 04 Apr, 2026
Both New & old tax regimes now allow salary‑based tax‑free flexi benefits of around INR 3.24 lakh The evolving framework under the Income‑Tax Rules, 2026, highlights an important shift in tax planning. It is no longer just about choosing between the old and new regimes; it is about how ...
Financial Services
Is ELSS Better Than PPF For My Tax Savings Goal?
RJA 25 Mar, 2026
Is ELSS Better Than PPF For My Tax Savings Goal? The Annual Tax-Saving Dilemma Every financial year, paid people and self employed workers face the same question when trying to claim expenses under Section 80C of the Income Tax Act. The Public Provident Fund and Equity Linked Savings Plans are ...
AUDIT
Comprehensive Practical Checklist Bank Branch Audit
RJA 23 Mar, 2026
Comprehensive Practical Checklist Bank Branch Audit A comprehensive bank branch audit involves Verifying cash, looking over loan advances (paperwork, NPAs), checking deposit KYC compliance, and looking for errors in profit and loss are all part of a thorough bank branch audit. Auditors are required to create the Long Form Audit ...
INCOME TAX
How AI Is Transforming in Tax Compliance in India
RJA 20 Mar, 2026
How AI Is Transforming in Tax Compliance in India India's tax administration is fast changing due to artificial intelligence, and this change is far more profound than most people know. Across the nation, artificial intelligence is enhancing taxpayer experience, decreasing evasion, and updating compliance. In India, artificial intelligence is ...
TDS
TDS/TCS Migration to New Sections (From 1 April 2026)
RJA 17 Mar, 2026
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) Migration to New Sections (From 1 April 2026) Applicable for FY 2025–26, Visible in Returns from AY 2026–27 : The change must be applied from 1 April 2026 itself. Do not wait for AY 2026–27, the new deduction/collection codes & ...
