NRI
NRI Income Tax Filing Checklist for FY 2024-25 (AY 2025-26)
RJA 18 Jul, 2025
NRI Income Tax Filing Checklist for FY 2024-25 (AY 2025-26) Step 1: Essential Documents Checklist To begin your filing process, NRIs should gather the following documents: PAN Card and valid visa or proof of overseas residency Bank statements (NRE, NRO, savings) for April 2024 – March 2025 Interest certificates, capital gains reports, and ...
OTHERS
Proposed 5% united nation of america remittance tax on non-citizens,
RJA 21 Jun, 2025
Proposed 5% united nation of america remittance tax on non-citizens, Its official title is – The One Big Beautiful Bill – but it contains a sting for the lakhs of Indians in the United Nation of America, be they non-immigrant visa holders (like H-1B) or green card holders. Once this ...
Chartered Accountants
CPE Hours Applicability 4 level: CPE Non-Compliance Consequence Level
RJA 20 Jun, 2025
CPE Hours Applicability is applied on the following four levels: CPE Non-Compliance Consequence Levels (to be operational w.e.f. 1/1/2025 for non-compliances arising from the calendar year 2024) Level I: (1st Jan to 30th June – Immediate Next Year) : CA Members not completing CPE by 31st Dec are given an extended ...
Chartered Accountants
ICAI Caps Tax Audits at 60 Per Partner Annually from FY 2026–27
RJA 19 Jun, 2025
ICAI to Cap Tax Audits at 60 Per Partner Annually from FY 2026-27 In a landmark move aimed at improving audit quality, reducing audit concentration, and promoting equitable work distribution, the ICAI has imposed a hard cap of 60 tax audits per partner per year, effective from FY 2026–27. Effective FY 2026-27, ...
RBI
RBI Guidelines on Appointment of Statutory Auditors & Co-operative Banks
RJA 05 Jun, 2025
RBI Guidelines on Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks & Central Co-operative Banks The RBI Circular dated 15 January 2024 provides comprehensive guidelines on the appointment and re-appointment of Statutory Auditors for State Co-operative Banks and Central Co-operative Banks. These guidelines are effective from April 1, 2024, and apply ...
INCOME TAX
New additional disclosures required for AY 2025-26 : Old Tax Regime
RJA 04 Jun, 2025
New additional disclosures required for AY 2025-26 : Old Tax Regime New additional disclosure requirements for claiming deductions in ITR-1 and ITR-4 for Assessment Year (AY) 2025-26 under the Old Tax Regime. These disclosures are aimed at increasing transparency and reducing incorrect deduction claims. Ensure all supporting documents are readily ...
INCOME TAX
Summary of Income Tax Return (ITR) Forms – AY 2025–26
RJA 04 Jun, 2025
Summary of Income Tax Return (ITR) Forms – AY 2025–26 ITR-1 (SAHAJ) For: Resident Individuals (Ordinary) with income up to INR 1 crore from: Salary/Pension One house property Other sources (excluding lottery, racehorses) Agricultural income up to INR 5,000 LTCG u/s 112A up to INR 1.25 lakh Cannot ...
Chartered Accountants
CA Members' Completion ICAI compliance of CPE hours Year ended 2024
RJA 04 Jun, 2025
Mandatory Compliance of CPE Hours for the Calendar Year 2024—ICAI Circular Key Highlights. The last date to complete and claim CPE hours (structured/unstructured) for the calendar year 2024 is 31st December 2024. Non-compliance will trigger consequential provisions starting 1st January 2025, including public display of default status, disclosure in MEF, ...
IBC
Key Highlights IBBI Notifies 4th Amendment to CIRP Regulations
RJA 04 Jun, 2025
Key Highlights IBBI Notifies 4th Amendment to CIRP Regulations The Insolvency and Bankruptcy Board of India (IBBI) has introduced key amendments to the Corporate Insolvency Resolution Process (CIRP) regulations to further strengthen the insolvency framework, enhance investor interest, and uphold creditor rights. IBBI Amends Corporate Insolvency Regulations to Enhance ...
NGO
BIG BRANDS GAVE THOUSANDS OF CRORES. BUT TO WHOM?
RJA 30 May, 2025
BIG BRANDS GAVE THOUSANDS OF CRORES IN CSR. BUT TO WHOM? INR 17,967 crore was officially spent by companies last year on CSR. And ye A 14-year-old girl in Bihar dropped out because no one taught her about periods. A village in Odisha still has no toilets after 10 years ...
AUDIT
Complete Overview Peer Review Process
RJA 24 May, 2025
Complete Overview Peer Review Process Purpose of the Peer Review Process The peer review process is a quality assurance initiative undertaken by ICAI to maintain and enhance the quality of assurance services provided by chartered accountants. It ensures that firms adhere to technical, professional, and ethical standards. Objectives ...
AUDIT
Mandatory Compliance with auditing and quality control standards
RJA 24 May, 2025
Mandatory Compliance with auditing and quality control standards Mandatory Compliance with auditing and quality control standards, particularly those issued by the Institute of Chartered Accountants of India (ICAI), i.e SQC 1 (Standard on Quality Control)- Standards on Auditing (SAs) like SA 210, SA 300, SA 315, SA 320, SA 330, SA 240, SA 530, SA 570, etc. ...
AUDIT
Review Procedures & AQMM Reporting by Peer Reviewer in Peer Review
RJA 19 May, 2025
Review Procedures and Reporting by Peer Reviewer & Importance of AQMM in Peer Review Peer Review – A Tool to Improve Quality Peer review is a cornerstone initiative of the Institute of Chartered Accountants of India (ICAI) aimed at enhancing the quality and reliability of professional services rendered by Chartered ...
Goods and Services Tax
Important GST Update for Restaurants (Effective from 1st April 2025):
RJA 05 Apr, 2025
GST Rates for Different Types of Restaurants (Effective 1st April 2025): GST Rates for Restaurants post the changes effective from 1st April 2025, including the latest Notification No. 05/2025–CTR: Key Update: Scrapping of Declared Tariff : From 1st April 2025, declared tariff will no longer be used to determine GST applicability. Instead, ...
INCOME TAX
Legitimate political donations are not wrongly denied tax benefits u/s 80GGC
RJA 24 Mar, 2025
Legitimate political donations are not wrongly denied tax benefits u/s 80GGC Background of the Case Armee Infotech donated ₹55 lakhs to Rashtriya Komi Ekta Party (a Registered Unrecognized Political Party – RUPP) in AY 2012-13 and ₹3 crore in AY 2014-15. The AO added the ₹55 lakh donation to Armee Infotech's ...
Chartered Accountants
How to Online Download ICAI firm Constitution Certificate?
RJA 19 Mar, 2025
Online Steps to Download ICAI Firm Constitution Certificate from ICAI SSP Portal It looks like you're referring to an older process for downloading the ICAI Firm Constitution Certificate. ICAI has now shifted most of its services to the Self Service Portal (SSP) for members' convenience. Updated Process to Download ...
Goods and Services Tax
New GST registration applicants with Biometric Aadhaar Authentication
RJA 05 Mar, 2025
New GST registration applicants with Biometric Aadhaar Authentication Biometric-Based Aadhaar Authentication & document verification for GST registration applicants GSTN has implemented Biometric-Based Aadhaar Authentication and document verification for GST registration applicants in Jharkhand and the Andaman & Nicobar Islands Effective February 15, 2025. This initiative aims to enhance security, transparency, and fraud ...
INCOME TAX
Amended Section 115BBE for Unaccounted Income
RJA 04 Mar, 2025
Amended Section 115BBE for Unaccounted Income Introduction: Section 115BBE was introduced to curb tax evasion by imposing a higher tax rate on unexplained income covered under Sections 68, 69, 69A, 69B, 69C, and 69D. This provision gained significant relevance post-demonetization(2016), as the government intensified its crackdown on black money and unaccounted transactions. ...
TDS
Time Limit for Revising TDS Returns is 31st March 2025
RJA 01 Mar, 2025
Effect of Amendment on Time Limit for revising TDS Returns The July Budget 2024 introduced a six-year time limit for revising TDS returns. Budget 2024 amendment introduced a six-year time limit for revising TDS returns, which was added under Section 200(3) of the Income Tax Act, Previously, no time limit existed for filing ...
Business Setup in India
Highlighting the advantages of GIFT City & Services
RJA 27 Feb, 2025
Highlighting the advantages of GIFT City & Services GIFT City stands as a revolutionary model of urban development, blending innovation, sustainability, and economic opportunities. While there are challenges in its early stages, the city's long-term vision and ongoing enhancements make it an attractive destination for professionals, businesses, and ...
INCOME TAX
What happen if Taxpayer falsely claimed deductions u/s 80GGC & 80GGB
RJA 13 Feb, 2025
What happens if Taxpayer falsely claims deductions u/s 80GGC & 80GGB This move by the Income Tax Department is part of its intensified scrutiny of political donations claimed under Section 80GGC (for individuals) and Section 80GGB (for companies). If a taxpayer falsely claimed deductions under these sections, they are ...
INCOME TAX
Budget Finance Bill, 2025 (Union Budget 2025-26) Proposals By
RJA 01 Feb, 2025
Budget Finance Bill, 2025 (Union Budget 2025-26) Proposals on Indirect & Direct Taxes By FM The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is available for download on the official Union Budget website. You can access the PDF directly using the following link: Finance Bill 2025 ...
COMPANY LAW
Tax & Compliance Due Dates – January 2025
RJA 31 Jan, 2025
Tax & Compliance Due Dates – January 2025 Description Due Date TDS/TCS Payments 07-Jan-2025 Monthly GSTR-7 & GSTR-8 10-Jan-2025 Monthly GSTR-1 11-Jan-2025 Quarterly GSTR-1IFF (QRMP) 13-Jan-2025 Monthly GSTR-6 & GSTR-5 13-Jan-2025 GSTR-2B Download (for Reconciliation with GSTR-3B) 14-Jan-2025 TCS Return (Q3: Oct - Dec 2024) 15-Jan-2025 Belated/Revised ...
Chartered Accountants
ICAI Announces May 2025 Exam Dates & Centers schedule:
RJA 17 Jan, 2025
ICAI Announces Exam Dates & Centers for CA Foundation, Intermediate & Finals The Institute of Chartered Accountants of India has officially announced the schedule for the May 2025 Chartered Accountants examinations. The schedule covers the CA Foundation, CA Intermediate, and CA Final courses, as well as the CA Post Qualification Course ...
