INCOME TAX
CBDT: Completing Schedule FA & Schedule FSI in their ITR
RJA 19 Nov, 2024
CBDT: Completing Schedule FA & Schedule FSI in their ITR The CBDT has launched a Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and Schedule Foreign Source Income in their Income Tax Returns. Here's an overview of Completing Schedule Foreign Assets & Schedule ...
Goods and Services Tax
GST Advisory for Handling Invoices on IMS for FY 2023-24
RJA 24 Oct, 2024
GST Advisory for Handling Invoices on IMS for FY 2023-24 GST Dept. Recommendation: Avoid rejecting any invoices from FY 2023-24 on the Invoice Management System in October 2024, as this is the last month for ensuring credit eligibility for invoices auto-populated in GSTR-2B and GSTR-3B. Doing so satisfies the ...
ROC Compliance
E-Form MGT-7 Signing Limits - for Company Secretaries in Practice
RJA 21 Oct, 2024
E-Form MGT-7 Signing Limits - for Company Secretaries in Practice The ICSI has introduced limits on the number of E-form MGT-7 filings a Company Secretary in Practice can sign per financial year, effective from April 1, 2025. Here's a quick recap of the new restrictions and guidelines: E-Form MGT-7 Signing Limits:&...
INCOME TAX
Tax Dept Sets Systematic approach to verify 'high-risk' refund claims
RJA 18 Oct, 2024
CBDT: Sets Systematic approach to verify 'high-risk' refund claims AY 2024-25 The Income Tax Department has introduced a systematic approach to verify 'high-risk' refund claims for the AY 2024-25 (Financial Year 2023-24) based on a Standard Operating Procedure (SOP) issued by the Income Tax Systems Directorate under the Ministry of ...
NRI
FAQS related to Filling of Form 67 & claiming Foreign Tax Credit
RJA 03 Oct, 2024
FAQS related to Filling of Form 67 & claiming Foreign Tax Credit How we claim the Foreign Tax Credit & Save More Tax? Ans: Effective tax planning goes beyond just avoiding double taxation. By understanding and utilizing the provisions of the Income Tax Act, such as Sections 90, 90A, and 91, and maintaining ...
AUDIT
Important Update: Tax Report Filing Deadline Extended to October 7
RJA 30 Sep, 2024
Important Update: Tax Report Filing Deadline Extended to October 7 Central Board of Direct Taxes has officially extended the deadline for filing various audit reports under the Income-tax Act, 1961. This extension applies to assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. CBDT ...
Goods and Services Tax
SCN & Assessment orders validity when AO are not digitally signed: GSTN
RJA 28 Sep, 2024
SCN & Assessment orders validity when AO are not digitally signed: GSTN The GST Network clarified that show-cause notices and assessment orders issued by tax officers through the GST portal are valid despite not having digital signatures on the PDF version of the documents downloaded by taxpayers. The clarification comes ...
NRI
Who Needs a Tax Residency Certificate?
RJA 27 Sep, 2024
Who Needs a Tax Residency Certificate? Filing Form 10F and obtaining a Tax Residency Certificate ensures NRIs and foreign nationals benefit from Double Taxation Avoidance Agreement provisions, avoiding double taxation. It enables access to lower TDS rates, smooth tax processing, and compliance with both Indian and foreign tax regulations. A ...
INCOME TAX
Overview on bonds under Section 54EC & Taxation aspects
RJA 26 Sep, 2024
Overview on bonds under Section 54EC & Taxation aspects Section 54EC bonds, commonly known as capital gain bonds, are an effective way for investors to save on long-term capital gains (LTCG) tax. If you sell a capital asset like real estate, shares, or other qualifying assets and make a long-term ...
Goods and Services Tax
Goods and Service Tax Network has Issued FAQ on Invoice Management System
RJA 25 Sep, 2024
Goods and Service Tax Network has Issued FAQ on Invoice Management System With the Introduction of Invoice Management System (IMS), the taxpayers interaction with invoices and business processes will change. This innovative feature empowers taxpayers to seamlessly accept, reject, or keep invoices pending in the system to avail ...
OTHERS
FRRO Process for Hosts in India: A Comprehensive Guide
RJA 22 Sep, 2024
FRRO Process for Hosts in India: A Comprehensive Guide Foreigners Regional Registration Office (FRRO) requirements apply to hosts accommodating foreign nationals in India. The process ensures the proper tracking and registration of foreign visitors. Here’s an overview of what hosts should know about submitting Form C and other ...
IBC
Survey conducted after taking input from around 30 Insolvency Professionals
RJA 19 Sep, 2024
A Survey conducted after taking input from around 30 Insolvency Professionals The survey conducted by the Indian Institute of Insolvency Professionals of ICAI reveals that Insolvency Professionals face significant challenges when dealing with statutory authorities and enforcement agencies during the Corporate Insolvency Resolution Process. Insolvency Professionals face significant challenges during the ...
IBC
Definition & Meaning of a Small Company U/S 2(85) of the Companies Act, 2013
RJA 19 Sep, 2024
Definition & Meaning of a Small Company U/S 2(85) of the Companies Act, 2013 The definition of a small company under the Companies Act, 2013, was revised to reduce compliance burdens and encourage ease of doing business, especially for startups and smaller entities. Here’s a summary of the key changes ...
INCOME TAX
FAQ on payments made to MSE’s & section 43B(h) applicability
RJA 19 Sep, 2024
FAQ on Impact on payments made to MSE’s & section 43B(h) applicability Following questions & Answers elated to specific tax & payment scenarios U/s 43B of the Income Tax Act, particularly related to payments made to Micro and Small Enterprises (MSEs) under the Micro, ...
OTHERS
USA Individuals 1040 Series Tax compliance and Filling of Tax Return
RJA 18 Sep, 2024
USA Individuals 1040 Series Tax compliance and Filling of Tax Return The 1040 series of forms is the primary set of forms used by individuals in the US to file their federal income taxes. Each form in the 1040 series serves different taxpayer needs based on income types, deductions, and credits. Summarized ...
OTHERS
US Corporations 1120 Series Tax Compliance and Return Filling
RJA 18 Sep, 2024
Summarized scope of work for the US Corporations 1120 Series Tax Compliance and Return Filling The 1120 series tax forms are used by US corporations to report income, calculate tax liability, and claim deductions and credits. Corporation 1120 Series (Basic) US Federal Corporate Income Tax Return (Sch G, ...
Chartered Accountants
Overview on Peer Review Reporting including AQMM Reporting
RJA 17 Sep, 2024
Overview on Peer Review Reporting including AQMM Reporting Peer Review is a critical part of ensuring audit quality and adherence to professional standards in the audit profession. In India, the Institute of Chartered Accountants of India (ICAI) oversees peer reviews to assess the quality of services ...
Chartered Accountants
Audit Partner Rotation for Engagements Exceeding 7 Years with Same Client
RJA 17 Sep, 2024
Explanation of SQC-1 on Audit Partner Rotation for Engagements Exceeding 7 Years with the Same Client The Standard on Quality Control (SQC) 1, issued by the Institute of Chartered Accountants of India (ICAI), outlines a robust framework for ensuring audit quality and independence. One of its key provisions is the rotation of ...
Chartered Accountants
Role of the Engagement Quality Control Reviewer
RJA 17 Sep, 2024
Role of the Engagement Quality Control Reviewer The Role of the Engagement Quality Control Reviewer (EQCR) is critical in ensuring audit quality and compliance with standards. Appointing an EQCR is a mandatory requirement for firms conducting Statutory Audits under the Standard on Quality Control (SQC) 1, SA 220 (Quality Control for an ...
GST Consultancy
Summary of the key decisions in 54th GST Council Meeting
RJA 13 Sep, 2024
Summary of the key Recommendations in 54th GST Council Meeting The 54th GST Council met under the Chairpersonship of Union Minister for Finance &Corporate Affairs Smt. Nirmala Sitharaman in New Delhi. The 54th GST Council Meeting made key recommendations regarding cover a wide range of items and services, including ...
TDS
CBDT clarifies Income Tax Clearance Certificate Not required for travel abroad
RJA 22 Aug, 2024
CBDT clarifies Income Tax Clearance Certificate Not required for travel abroad 1. Union Budget Proposal: The Union Budget initially raised concerns by proposing a mandatory Income Tax Clearance Certificate for all residents traveling abroad. However, it was later clarified that this requirement is limited to specific cases, particularly under the Black ...
AUDIT
Summary of Amendments made in Tax audit Income Tax Form 3CD w.e.f. AY 2024-2025
RJA 22 Aug, 2024
Summary of Amendments made in Tax audit Income Tax Form 3CD w.e.f. AY 2024-2025 The Central Board of Direct Taxes has introduced several significant amendments in the Tax Audit Report forms, including Form 3CD, Form 3CEB, and Form 65. These changes are aimed at enhancing transparency and ensuring compliance ...
INCOME TAX
Overview on Sec 80GGC - Deduction for Political Contributions
RJA 21 Aug, 2024
Overview on Sec 80GGC - Deduction for Political Contributions Section 80GGC of the Income Tax Act, 1961, provides a deduction to individual taxpayers for contributions made to political parties. This deduction is aimed at promoting transparency in political funding and encouraging voluntary contributions. Basic Key Features of Section 80GGC are mentioned ...
INCOME TAX
Penalty U/s 270A& 270AA related to income under-reporting/misreporting
RJA 20 Aug, 2024
Penalty U/s 270A& 270AA related to income under-reporting & misreporting Penalty U/s 270A& 270AA provisions & case laws illustrate the strict penalties for misreporting, the potential relief available under Section 270AA, and the importance of precise and justified assessment orders. Section 270A plays a significant role ...
