Top GST Compliance Mistakes That Trigger GST Notice in India GST Notices are system-driven: Most Goods and Services Tax notices are not issued because of fraud. They arise due to routine compliance lapses and reconciliation failures. Goods and Services Tax scrutiny is now powered by data analytics, automated reconciliations & risk parameters configured by Goods …
A Paradigm Shift in Partner Taxation Earlier Positions of Professional and trading firms Treat partner payouts Historically, payments by partnership firms to partners, such as interest on capital, remuneration, commission, or salary, were outside the scope of TDS due to the principle of mutuality and the unique partner–firm relationship. This position has changed with the …
Working Capital Crunch: The Hidden Challenge Slowing Indian MSMEs In India, Micro, Small, and Medium Enterprises (MSMEs) are pivotal to economic growth, yet many struggle with a less visible but critical hurdle: a working capital crunch. Limited cash flow restricts daily operations, delays payments to suppliers, and hampers timely project execution, stunting business growth despite …
Understanding about Tax Deducted at Source Compliance Reform Effective from 1st April 2026 The TDS (Tax Deducted at Source) framework has undergone a structural overhaul with the introduction of the Income Tax Act, 2025 and Income Tax Rules, 2026. This is not just a change in sections; it is a shift towards real-time, technology-driven tax …
How Seafarers Can Protect Their NRE Account Salary When War, Crisis, or a Marginal Miss Disrupts NRI Status. Seafarers can protect their NRE salary from taxation during crises or unexpected early repatriation by ensuring compliance with residential status rules and maintaining proper documentation. NRE Account: A Non‑Resident External account is a bank account in India …
Why Paying Fake Rent to Parents Will Become Very Difficult Now Mandatory Relationship Disclosure (New Form 124) Under the Draft Income‑Tax Rules, 2026, the Income Tax Department has introduced a new requirement for claiming House Rent Allowance (HRA): Taxpayers must now disclose their “relationship with the landlord” in the new Form 124. This looks like …
Tax Deducted at Source Framework Changing from 01.04.2026 Under the Income Tax Act, 2025, the government is implementing a complete reorganisation of the Tax Deducted at Source framework effective 01 April 2026. The Income Tax Act, 1961 stands repealed w.e.f. 01.04.2026, and the Income Tax portal has already begun displaying transition-related updates. This shift is …
Who Can Apply for FIU-IND Registration The Financial Intelligence Unit – India (FIU-IND) is a government agency established under the Prevention of Money Laundering Act, 2002 to monitor and prevent money laundering, financial fraud, and terrorist financing. The Financial Intelligence Unit – India works as the central authority that collects and analyzes financial transaction information …
Enforcement Trends in Financial Services: RBI & Financial Intelligence Unit – India Perspective (2022–2025) Importance of Tracking Enforcement Trends : Tracking regulatory enforcement trends is essential for financial institutions because it helps them understand how regulators interpret laws and where compliance failures are most common. Key reasons why enforcement monitoring is important Risk identification: Shows …
Impact of New Labour Codes on Gratuity Liability for Employers The introduction of the new labor codes, particularly the Code on Wages, 2019, and the updated provisions under the Code on Social Security, 2020, is expected to significantly increase gratuity liabilities and compliance responsibilities for employers across India. Redefined Wage Structure : One of the …