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 ...

Income tax return

Comprehensive Guide on filing ITR Returns for the FY 2023-2024

RJA 31 May, 2024

Comprehensive Guide on filing Income Tax Returns for the FY 2023-2024 For the fiscal year 2023-2024, salaried individuals can start the process of filing their Income Tax Returns (ITR) in June 2024, after receiving Form 16 from their employers. Filing on or before 31st July 2024 helps avoid interest and penalties.  Timely ...

INCOME TAX

Complete Income Tax Calendar 2024

RJA 31 May, 2024

Income Tax Calendar 2024 January 2024: 7th: Deposit Tax Deducted at Source and Tax Collected at Source for Dec 2023. 14th: Issue Tax Deducted at Source certificates (Section 194-IA, 194-IB, 194M). 15th: Submit quarterly Tax Collected at Source statement (Dec 31, 2023). 30th: Issue Tax Collected at Source certificate (quarter ending Dec 31, 2023). 31st: Submit quarterly ...

INCOME TAX

Overview of Section 119(2)(b) Application for Condonation of Delay

RJA 29 May, 2024

Overview of Section 119(2)(b) Application for Condonation of Delay Section 119 of the Income Tax Act empowers the Central Board of Direct Taxes (CBDT) to issue instructions to lower levels of tax authorities for the proper administration of the tax laws. This section provides the CBDT with the authority to ensure ...

TDS

Correcting TDS Errors through filling New Income Tax Form 71

RJA 28 May, 2024

Form 71 helps to claim TDS Credit in respect of income disclosed in Income tax return submitted in earlier years CBDT has issued Notification No. 73/2023, dated August 30, 2023: The Finance Act 2023 introduced Section 155(20) of the Income-tax Act, effective from October 1, 2023. This provision addresses situations where income has been reported in an earlier ...

INCOME TAX

Do legal representatives Required to intimate about the death of taxpayer?

RJA 25 May, 2024

Do legal representatives need to intimate about the death of the taxpayer to the IT Department? Legal representatives of a deceased taxpayer are not legally mandated to notify the Income-Tax (IT) Department about the death of the taxpayer. This position was confirmed by the Delhi High Court in the case ...

INCOME TAX

Taxability of Reimbursement of Medical Treatment by the Employer

RJA 24 May, 2024

Taxability of Reimbursement of Medical Treatment by the Employer With Reference to Section 17(2) of the Income-tax Act, 1961, the reimbursement of medical expenses by an employer to an employee can, under certain conditions, be excluded from being considered a taxable perquisite. Here’s a detailed explanation based on the provided ...

TDS

CBDT Circular : TDS/TCS Relief Due to Inoperative PAN

RJA 22 May, 2024

CBDT Circular : TDS/TCS Relief Due to Inoperative PAN The Central Board of Direct Taxes (CBDT) issued a circular providing relief to taxpayers who received tax demand notices due to short deduction of Tax Deducted at Source / Tax Collected at Source. This was in response to numerous grievances from taxpayers ...

Goods and Services Tax

How to Handling negative IGST liability under the GST System in India

RJA 17 May, 2024

How to Handling negative IGST liability under the GST System in India the mechanism for handling negative IGST (Integrated Goods and Services Tax) liability under the GST (Goods and Services Tax) system in India. When the tax amount of credit notes (CGST+SGST/IGST) exceeds the tax amount of outward ...

Goods and Services Tax

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

RJA 14 May, 2024

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far. The fact that over 829,000 Income Tax Returns (ITRs) have already been filed for Assessment Year 2024-25 indicates a proactive approach among taxpayers to fulfill their obligations in a timely manner. This early filing trend could ...

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Understanding the Differences between Old vs. New Tax Regime

Understanding the Differences between Old vs. New Tax Regime

Documentation for Peer Review- Audit work For CA in Practices.

Documentation for Peer Review- Audit work For CA in Practices.

Key Updates and Recommendations from the 53rd GST Council Meeting

Key Updates and Recommendations from the 53rd GST Council Meeting

 Futures and Options transactions may attract higher tax rate

Futures and Options transactions may attract higher tax rate

All about the Social Stock Exchange (SSE):

All about the Social Stock Exchange (SSE):

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