Major Tax Dept. verification drive on suspicious foreign remittances The major income tax dept verification drives on suspicious foreign remittances and is particularly relevant for businesses making overseas payments and for professionals issuing Form 15CB/Form 146 certifications. What triggered the investigation of suspicious foreign remittances? The Income Tax Department’s nationwide verification exercise originated from search …
Builder Changes & Buyer Approval Under RERA: Understanding Your Rights as a Homebuyer Purchasing a home is one of the most significant financial decisions for most individuals. To protect buyers from arbitrary changes by developers after booking a property, the Real Estate (Regulation and Development) Act, 2016 (RERA), lays down strict rules regarding modifications to …
Undisclosed Foreign Assets? A One-Time Disclosure Opportunity Under the New CBDT Scheme The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers (Disclosure) Scheme Rules, 2026, effective from 16 August 2026. The scheme provides a limited opportunity for eligible taxpayers to voluntarily disclose certain foreign assets and income that were not …
ICAI Launches Multipurpose Empanelment Form (MEF) 2026-27: Key Dates and Filing Overview The Professional Development Committee of the Institute of Chartered Accountants of India has opened the Multipurpose Empanelment Form 2026-27 for Chartered Accountants and CA firms seeking empanelment for various professional assignments, including bank audits and other audit opportunities. The online filing process commenced on …
Detailed Analysis of Carbon Credits & VDA Status in FY 2025-26 Tax audit and compliance framework for virtual digital assets u/s 44AB, with a special focus on cryptocurrency, NFTs, DeFi transactions, and carbon credits. Legal Framework for VDAs in India Section 2(47A)—Definition of Virtual Digital Assets: A Virtual Digital Asset generally includes Cryptocurrencies (Bitcoin, Ethereum, …
Amendments to the IBBI (Liquidation Process) Regulations Proposed amendments to the IBBI (Liquidation Process) Regulations pursuant to the Insolvency and Bankruptcy Code (Amendment) Act, 2025. The objective is to make liquidation faster, more efficient, and creditor-driven. Detailed Explanation of Key Changes of IBBI (Liquidation Process) Regulations Liquidation to be Completed within 180 Days Existing Position: …
Loan against property for self-employed: Features, eligibility A loan against property for the self-employed is a secured loan that helps you access funds by mortgaging an eligible property with the lender. You can continue to use and own the property during the loan tenure, subject to the loan agreement. Whether you need funds for business …
When Is GST Registration Mandatory for Your Business? Understanding GST registration requirements is crucial for staying compliant and avoiding penalties. The infographic highlights some of the common situations where GST registration may become mandatory. Key Situations Requiring GST Registration ✅ Turnover Threshold GST registration generally becomes mandatory when your aggregate turnover exceeds the prescribed threshold …
ICAI vs. ICMAI: Who will do the statutory audit eligibility? The Ongoing Debate on Statutory Audit Eligibility: ICAI vs ICMAI: Professionals, regulators, and industry stakeholders continue to debate who should be eligible to conduct statutory financial audits in India, making it one of the most discussed issues in the accounting profession. The debate focuses on how …
What Is the Difference Between Crypto Futures and Crypto Perpetual Futures Contracts? Cryptocurrencies are legal to buy, hold, and trade in India, but they are subject to one of the strictest tax regimes in the country. With increased reporting requirements and data-sharing by exchanges, errors in reporting crypto transactions can now lead to notices, penalties, …