AUDIT
Highlighted of Major Changes in Tax Audit (FY 2025-26 / AY 2026-27)
RJA 21 Aug, 2026
Tax Audit Limits: Income Tax Act, 1961 vs. Income Tax Act, 2025 With the transition from the Income Tax Act, 1961, to the Income Tax Act, 2025, many professionals were expecting a major shift in tax audit limits. The good news? Core thresholds remain unchanged. Under this blog are major changes in ...
AUDIT
Mandatory Sample AS disclosure for non-company MSME financials of 2025-26
RJA 20 Aug, 2026
Detailed Explanation of MSME Accounting Standards Framework for Non-Company Entities Based on ICAI Compendium of Accounting Standards (1 April 2025) An accounting policy disclosure that an LLP can include in its financial statements when it qualifies as a micro, small, and medium enterprise under the Institute of Chartered Accountants ...
COMPANY LAW
All about Annual Filing of Companies under the Co.Act, 2013
RJA 18 Aug, 2026
All about Annual Filing of Companies under the Companies Act, 2013 Overview of Annual Filing Requirements Annual filing is a mandatory compliance requirement for every company registered under the Companies Act, 2013. Through annual filings, companies submit their financial statements, annual returns, and governance-related information to the Registrar of Companies (ROC) through ...
INCOME TAX
Common Audit Pitfalls in VDA & Carbon Credit Audits & How to Avoid
RJA 12 Aug, 2026
Common Audit Pitfalls in VDA & Carbon Credit Audits and How to Avoid Them These are the areas most likely to attract scrutiny during a tax audit, assessment, or departmental inquiry. Auditors should specifically design procedures to address these risks. Pitfall Risk Level Why It Is a Problem Mitigation Strategy ...
INCOME TAX
Carbon Credits –Dedicated Sub-Checklist (Tax Audit Perspective)
RJA 12 Aug, 2026
Carbon Credits – Dedicated Sub-Checklist (Tax Audit Perspective) Carbon credits require a separate audit approach because their tax treatment in India is not yet fully settled, especially where credits are tokenized and traded on blockchain platforms. The auditor's first task is to determine whether the carbon credit is a ...
FCRA
Debate Around the FCRA Amendment Bill, 2026: Expose the False Myths
RJA 10 Aug, 2026
Is the FCRA Amendment Bill Anti-Christian? Eexpose the falseness Myths & Setting Record Straight Claims that the FCRA Amendment Bill, 2026 is an "anti-Christian" law have generated significant debate. However, a reading of the proposed provisions suggests that the legislation is primarily focused on regulating foreign funding, improving ...
FIU IND
Who Regulates the Crypto Ecosystem in India?
RJA 09 Aug, 2026
Who Regulates the Crypto Ecosystem in India? As the regulatory framework continues to evolve, investors, traders, and crypto businesses must remain compliant with the requirements of multiple authorities rather than a single regulator. The regulation of cryptocurrencies and other virtual digital assets in India is spread across multiple government ...
Crypto
The Four Statutory Pillars of Crypto Taxation in India
RJA 09 Aug, 2026
The Four Statutory Pillars of Crypto Taxation in India 1. Taxation Under the Income Tax Act Tax on Crypto Gains: U/s 115BBH, income arising from the transfer of virtual digital assets, including cryptocurrencies and NFTs, is taxed at a flat 30% rate. Taxpayers are allowed to deduct only the cost of ...
GST Compliance
Availability of ITC to a Business Traveler on Hotel Accommodation Services
RJA 02 Aug, 2026
Availability of Input Tax Credit (ITC) to a Business Traveler on Hotel Accommodation Services Taxed at the Concessional GST Rate of 5% 1. Background Whether a registered person (business traveller) is entitled to claim Input Tax Credit (ITC) under the Central Goods and Services Tax Act, 2017 ("CGST Act") on GST ...
Goods and Services Tax
GST Reminder: GST Delay Can Be Costly!
RJA 02 Aug, 2026
GST Reminder: Delay Can Be Costly! In this blog we are highlighting an important GST compliance requirement: delay in payment of GST can result in interest liability at 18% per annum, which is automatically calculated by the GST Portal. Why Is Interest Charged? Under the GST law, if a registered ...
INCOME TAX
F&O Trading Income Tax: Complete Guide for Traders
RJA 30 Jul, 2026
F&O Trading Income Tax: Complete Guide for Traders Income earned from futures & options trading is generally treated as business income under the Income Tax Act. Therefore, traders are required to report such income in ITR-3. Taxpayers opting for the presumptive taxation scheme and fulfilling the prescribed conditions ...
INCOME TAX
Declaration of Foreign Assets and Income: Compliance for Resident Taxpayers
RJA 16 Jul, 2026
Declaration of Foreign Assets and Income: A Critical Compliance Requirement for Resident Taxpayers Introduction With increasing globalization, many Indian residents earn income from overseas sources or hold assets outside India, such as foreign bank accounts, shares, ESOPs, properties, trusts, and investment portfolios. The Income Tax Department has reiterated the importance ...
INCOME TAX
CBDT to Display Foreign Financial Information in AIS: For NRIs
RJA 12 Jul, 2026
CBDT to Display Foreign Financial Information in AIS: What NRIs, Returning Indians & Global Taxpayers Need to Know CBDT will now display foreign financial information received under CRS, FATCA, and AEOI in AIS. Learn the impact on NRIs, RNORs, returning Indians, foreign asset reporting, DTAA, and tax compliance. Introduction In ...
Chartered Accountants
ICAI Membership Benefits – Exclusive Advantages for Chartered Accountants
RJA 08 Jul, 2026
ICAI Membership Benefits – Exclusive Advantages for Chartered Accountants ICAI was established under an Act of Parliament that empowers ICAI members. Enriching Lives. The Institute of Chartered Accountants of India (ICAI) continues to enhance the professional ecosystem for chartered accountants by offering a wide range of member-centric ...
INCOME TAX
Explained Simply: Form 10-IEA Requirement at a Glance
RJA 28 Jun, 2026
Explained Simply: Form 10-IEA Requirement at a Glance This blog explains when Form 10-IEA is required for taxpayers having business or professional income who wish to opt out of the new tax regime and switch to the old tax regime (OTR). We have to understand the Important Rule for Form 10...
Chartered Accountants
ICAI & Sarvam AI to Develop a Dedicated AI Model for CA
RJA 28 Jun, 2026
ICAI & Sarvam AI to Develop a Dedicated AI Model for Chartered Accountants: A Game Changer for the Profession Artificial intelligence is rapidly transforming the accounting and finance profession. Chartered accountants today increasingly use artificial intelligence tools such as ChatGPT, Gemini, and Claude for research, tax advisory, compliance reviews, audit ...
INCOME TAX
Income tax Rules when Assets Transferred to Family Clubbing of HUF Income
RJA 28 Jun, 2026
Income tax Rules When Assets Transferred to Family—Clubbing of HUF Income Is it a gift to the Hindu Undivided Family by a clubbed member? Yes. If a member transfers or gifts personal assets (cash, property, shares, etc.) to the Hindu Undivided Family without adequate consideration, the income ...
INCOME TAX
NFRA Reporting (Audit Quality & Documentation) Normal finding
RJA 26 Jun, 2026
NFRA Orders, Audit Documentation & Audit Quality normal finding: The inspections indicate recurring weaknesses in four critical areas like independence and ethics, audit documentation, audit evidence, professional skepticism, and quality control systems (SQC-1/SQM). The National Financial Reporting Authority's clear message is "If it is not documented, it ...
Business Setup in India
Change in Small Co. Limits: Major Compliance Relief for Businesses
RJA 26 Jun, 2026
Major Compliance Relief for Growing Businesses The Ministry of Corporate Affairs has taken a significant step towards ease of doing business by expanding the definition of a "small company" under the Companies Act, 2013. This revision is expected to bring thousands of growing companies within the ambit of small ...
NGO
FCRA Update – Foreign Contribution (Regulation) Amendment Rules, 2026
RJA 25 Jun, 2026
FCRA Update – Foreign Contribution (Regulation) Amendment Rules, 2026 The Ministry of Home Affairs (MHA) has notified the Foreign Contribution (Regulation) Amendment Rules, 2026 on 22 June 2026, bringing significant changes to the compliance framework for NGOs and other organizations receiving foreign contributions. The amendments became effective immediately upon publication in the Official Gazette. ...
INCOME TAX
Guide covers due dates for ITR, TRA & Belated ITR for tax year 2026-27
RJA 24 Jun, 2026
Income Tax Due Dates & Return of Income (AY 2026-27 / TY 2026-27): Complete Compliance Guide Timely filing of Income Tax Returns (ITR) and compliance with audit requirements are crucial for taxpayers to avoid penalties, interest, and other adverse consequences under the Income Tax Act. With different due dates applicable to ...
COMPANY LAW
MCA Extends DPT-3 Filing Due Date to 31 July 2026
RJA 19 Jun, 2026
MCA Extends DPT-3 Filing Due Date to 31 July 2026 In a significant compliance relief measure, the MCA has issued General Circular No. 02/2026 dated 19 June 2026 bearing F. No. Policy-02/2/2020-CL-V-MCA, allowing companies to file Form DPT-3 (Return of Deposits) for FY 2025-26 without payment of additional fees up to 31 July 2026. The ...
Income tax return
Income Tax Update | ITR-3 Utility Released
RJA 19 Jun, 2026
Key Update: ITR-3 Excel Utility Released for AY 2026-27 The Income Tax Department has released the Offline & Excel Utility for ITR-3 for AY 2026-27. ITR-3 is applicable to individuals and HUFs having income from profits and gains of a business or profession. Excel Utility Version: 1.0, Release Date: 18 June 2026, Offline ...
INCOME TAX
ITR-6 Guide for Companies Filing ITR for AY 2026-27 (FY 2025-26)
RJA 08 Jun, 2026
ITR-6 Complete Guide for Companies Filing ITR for AY 2026-27 (FY 2025-26) ITR-6 is the income tax return form prescribed for companies registered in India to report their income, deductions, tax liability, and various financial disclosures under the Income Tax Act, 1961. This return form is applicable to companies that ...
