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 ...
INCOME TAX
Restoration of Indexation Benefit for LTCG - Budget - 2024
RJA 10 Aug, 2024
Restoration of Indexation Benefit for Long-Term Capital Gains- Budget - 2024 Govt of India has proposed that indexation benefit under Long-Term Capital Gains will be restored for immovable property bought before July 23, 2024. As per the provisions, the Long-Term Capital Gains tax would be calculated at the rate of 12.5 % without indexation, ...
IBC
IBBI Guidelines for Insolvency Professionals & Committee of Creditors
RJA 08 Aug, 2024
IBBI Guidelines for Insolvency Professionals & Committee of Creditors IBBI outlined guidelines for IPs and Committee of Creditors are indeed comprehensive, emphasizing the importance of objectivity, integrity, independence, professional competence, cooperation, supervision, timeliness, confidentiality, and cost management. Understanding the Current Scenario governing IPs & CoC Your frustration with the current ...
GST Filling
Conversion of Sundry creditors to unsecured Loan than ITC required to be Reversed
RJA 05 Aug, 2024
Is Conversion of Sundry creditors to unsecured Loan than ITC required to be Reversed? It is big question on Conversion of Sundry creditors to unsecured Loan than ITC required to be Reversed, Let's break down the key points regarding Input Tax Credit reversal under the Central Goods and Services ...
GST Filling
Overview on ITC Reversal for Unpaid Invoices, Intt and Reclaiming ITC
RJA 05 Aug, 2024
Overview on ITC Reversal for Unpaid Invoices, Intt and Reclaiming ITC, Here under Summary of highlights important aspects of Input Tax Credit reversal under Central Goods and Services Tax law. These provisions of ITC Reversal for Unpaid Invoices, Intt and Reclaiming ITC ensure proper compliance and timely adjustments of ...
TDS
Overview on TDS Deduction U/s 194T : Payment by Firm-to-Partner
RJA 26 Jul, 2024
Overview on TDS Deduction U/s 194T : Payment by Firm-to-Partner A significant reform for partnership firms is the Finance Bill, 2024, which proposes to add a new TDS section 194T to the Income Tax Act, 1961. The goal of the same action is to include all payments made to partners under TDS&...
Chartered Accountants
Documentation for Peer Review- Audit work For CA in Practices.
RJA 04 Jul, 2024
Documentation for Peer Review- Audit work For CA in Practices. Peer review is a process where the audit work and practices of a Chartered Accountant (CA) or a CA firm are reviewed by another CA or CA firm to ensure adherence to professional standards and regulatory requirements. Proper documentation is ...
INCOME TAX
Understanding the Differences between Old vs. New Tax Regime
RJA 04 Jul, 2024
Old vs. New Tax Regime: Understanding the Differences For the assessment year 2024-25, individuals and Hindu Undivided Families (HUFs) have to pay taxes under the new tax regime unless they opt for the old regime while filing their return of income before the due date. The new tax regime requires ...
Goods and Services Tax
Key Updates and Recommendations from the 53rd GST Council Meeting
RJA 24 Jun, 2024
Key Updates and Recommendations from the 53rd GST Council Meeting Under this article we are providing latest updates and significant recommendations from the 53rd GST Council Meeting. These updates include important changes aimed at easing compliance and enhancing the efficiency of the GST system. Key Updates and Recommendations: Monetary Limits ...
INCOME TAX
Futures and Options transactions may attract higher tax rate
RJA 20 Jun, 2024
Tax Implications on Reclassification of Futures & Options The reclassification of Futures & Options profits as speculative income would introduce a higher tax rate, restrict loss offset capabilities, and potentially deter retail participation in the Futures & Options segment. Traders and investors would need to adjust their strategies accordingly, and ...
AUDIT
All about the Social Stock Exchange (SSE):
RJA 17 Jun, 2024
All about the Social Stock Exchange (SSE): SEBI Amendments Overview: SEBI, through its notification dated July 25, 2022, has introduced amendments to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR). These amendments aim to provide Social Enterprises with new avenues for ...
Chartered Accountants
Myths about Chartered Accountants Examination Preparation
RJA 16 Jun, 2024
Myths about Chartered Accountants Examination Preparation Part I : Keeping Impossible Targets A common mistake is assuming you can watch 7-10 classes per week, which is unrealistic due to other commitments like extra work, office celebrations, or family dinners. Setting a more realistic target, like 5 classes per week, helps manage ...
INCOME TAX
Taxation Aspect of a Hindu Undivided Family (HUF)
RJA 09 Jun, 2024
Taxation Aspect of a Hindu Undivided Family (HUF) A.Introduction: Hindu Undivided Family stands for Hindu Undivided Family. It is a legal entity created by a Hindu family, which can also be formed by Buddhists, Jains, and Sikhs. HUF is recognized as a separate tax entity, allowing families to pool ...
INCOME TAX
Is Linking Aadhaar with PAN for NRI's?
RJA 09 Jun, 2024
Is Linking Aadhaar with PAN for NRI's? NRIs without Aadhaar: NRIs who do not possess an Aadhaar card are exempt from the requirement to link PAN with Aadhaar, provided they update their residential status as Non-Resident on the income tax portal. Exempt from linking PAN with Aadhaar, provided they ...
INCOME TAX
Documents Required to Apply for NRI PAN Card
RJA 09 Jun, 2024
Documents Required to Apply for NRI Permanent Account Number (PAN) Card When Non-Resident Indian (NRI) applicants apply for a Permanent Account Number card, they need to submit the following documents: Documents Required to Apply for NRI Permanent Account Number (PAN) Card : NRI applicants are required to file below documents when ...
INCOME TAX
India Should Implement 2% Wealth Tax & 33% Inheritance Tax to Tackle Rising Inequality
RJA 09 Jun, 2024
India should implement a wealth tax & inheritance tax to address inequalities & fund social sector investments Introduction A recent paper by the World Inequality Lab, authored by economists Thomas Piketty, Nitin Kumar Bharti, Lucas Chancel, and Anmol Somanchi, suggests that India should implement a wealth tax and inheritance ...
INCOME TAX
Complete Guide on freelancers Taxation in India
RJA 03 Jun, 2024
Complete Guide on freelancers Taxation in India Taxation for freelancers can be a bit complex, but understanding the rules and available deductions can significantly ease the process and ensure compliance. Filing income tax returns as a freelancer is crucial for compliance, financial health, and availing benefits. By understanding the applicable ...
INCOME TAX
Modified Return (Form ITR-A) in Case of Business Reorganisation
RJA 02 Jun, 2024
All about the Modified Return (Form ITR-A) in Case of Business Reorganisation: Section 170A and the associated provisions offer a structured approach to filing modified returns in the case of business reorganization. The modified return of income is to be furnished by a successor entity to a business reorganisation as ...
AUDIT
Guidelines set by the ICAI on limits on tax audit for CA U/s 44AB:
RJA 02 Jun, 2024
Institute of Chartered Accountants of India Guidelines on Tax audit Limit The guidelines set by the Institute of Chartered Accountants of India (ICAI) regarding the limits on tax audit assignments for Chartered Accountants (CAs) under Section 44AB of the Income Tax Act, 1961, are essential for maintaining high standards ...
GST Consultancy
Physical Submission of GST Appeal Documents: Is It Necessary?
RJA 01 Jun, 2024
Physical Submission of GST Appeal Documents: Is It Necessary? In the context of filing an appeal under GST, there is often confusion about whether a physical submission of the appeal documents is required after the online submission on the GST portal. Compliance with GST appeal procedures can be efficiently managed ...
GST Filling
ITC Reversal required in case of Financial Credit Note?
RJA 01 Jun, 2024
ITC Reversal required in case of Financial Credit Note? Big Question is there, Whether ITC reversal required on Financial Credit Note received from supplier ? (in which supplier has not mentioned GST ).It is ambiguous issue since implementation of GST. Our Summary on the issue of ITC reversal for financial ...
