Digital Transformation in Tax Administration Faceless Assessment Introduction The Income Tax Act, 1961, has been subject to continual reforms aimed at Increasing clarity and efficiency, Promoting voluntary compliance and Minimizing malpractices such as Wrongful deductions Underreporting of income Non-disclosure of taxable income To address these concerns and usher in modernization, the Faceless E-Assessment Scheme was …
BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2025-26! Tax Filing Season Officially Begins : The early release of Excel Utilities for ITR-1 and ITR-4 for AY 2025-26 is a welcome step, allowing taxpayers to prepare and file their returns well ahead of time. Don’t wait for the deadline …
Resident but Not Ordinarily Resident (RNOR) tax status in India Who is a Resident but Not Ordinarily Resident (RNOR)? RNOR Status: The Hidden Tax Advantage for Returning NRIs. RNOR is a special tax classification under Indian income tax law. It applies to returning NRIs and provides a bridge between full non-resident and resident status—offering limited-time …
Comprehensive Guidance by Peer Review Board for Peer Reviewers The list you’ve shared outlines comprehensive advisories issued by the Peer Review Board for Peer Reviewers. This framework ensures you conduct peer reviews with integrity, quality assurance, and adherence to standards, while fulfilling all requirements of the ICAI Peer Review Board. Here’s a structured summary and …
Economic Curse of Terrorism & Strengthening Middle Class in current situation A. The Economic Curse of Terrorism: A Growing Risk to Investment, Valuation & Global Stability Terrorism is often seen through a geopolitical or security lens—but its economic consequences are equally severe & far-reaching. It undermines investor confidence, disrupts markets, & weakens the fundamental structures …
How to Respond to a GST Summon? What is a summon? A summons is a formal legal order requiring an individual to appear before a judge, magistrate, or authority for the purpose of giving evidence or responding to an inquiry. In simple terms, it’s a directive to mark one’s presence in connection with an investigation …
Simplification and Standardization Updated SOP for GST Registration CBIC Instruction No. 03/2025-GST (Dated 17.04.2025- Simplification and Standardization of GST Registration Process The Central Board of Indirect Taxes and Customs has issued revised guidelines to ensure uniformity, transparency, and efficiency in the GST registration process. To streamline GST registration, curb harassment, and promote taxpayer facilitation, especially …
Income Tax benefits decoded comparison of the old vs new income tax regimes for FY 2025–26 “Tax benefits decoded” offers a detailed comparison of the old vs new income tax regimes for FY 2025–26, helping taxpayers evaluate which regime is more beneficial based on their deductions and exemptions. Rebate under Section 87A for the FY …
Grievance Redressal Mechanism by CBIC for GST registration The Central Board of Indirect Taxes and Customs has issued Instruction No. 04/2025-GST, aimed at assisting individuals who face challenges during the GST registration process. These guidelines seek to ensure greater transparency, consistency, and ease in addressing applicant concerns. Central Board of Indirect Taxes and Customs Instruction …
Income Disclosed under Presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Cash deposits in bank A/c Cash deposits in bank A/c in cases where income is declared under presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Section 68 of the Income Tax Act can only be invoked when There is a credit entry in the …