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 ...
COMPANY LAW
Complete Guide on ROC Filing of Form MSME- 1
RJA 12 May, 2024
Guide on ROC Form MSME -1 : Filling Objective, Timeline Date & Penalty ROC Filing of Form MSME-1 is a statutory requirement under the Companies Act, 2013, & the Specified Companies (Furnishing of Information about payment to Micro and Small Enterprise Suppliers) Order, 2019. MSME Form 1, as mandated by the Ministry of Corporate ...
COMPANY LAW
MCA : PAS Rules -Pvt Ltd Co. to issue shares etc in Demat form only
RJA 12 May, 2024
MCA has notified amendments to PAS Rules - Pvt Ltd Co. to issue shares etc in Demat form only, MCA bring significant changes to the regulatory framework for private companies in India, especially concerning the issuance and holding of securities in dematerialized form. Private companies, excluding small companies, are now ...
