Use of artificial intelligence by the Tax Department: India’s New Compliance Reality Introduction CBDT has confirmed the expanded use of artificial intelligence and advanced data analytics by the Income Tax Department to detect discrepancies, strengthen enforcement, and enhance transparency, especially ahead of the passage of the new Income Tax Bill. This marks a structural shift: …
Draft C&AG Empanelment Policy 2026–27 – Issues Affecting Small & Medium CA Firms & Suggested Policy Interventions While the objective of the Draft Comptroller and Auditor General of India Empanelment Policy 2026–27 to strengthen audit quality, accountability, and governance—is fully appreciated, certain provisions, if implemented in their present form, are likely to result in unintended, …
When a Font Exposed a INR 68.7 L Long-term capital gain Tax Fraud Are your taxation-related documents AI-ready? A INR 68.7 lakh long-term capital gain claim collapsed because the font told the truth. In the artificial general intelligence era, authenticity is as important as arithmetic. In a landmark example of digital forensics at work, the Hyderabad …
What is an Electronic Bank Realization Certificate (eBRC)? An Electronic Bank Realisation Certificate (eBRC) is a digitally generated document issued by an authorized dealer bank to confirm that an exporter has received foreign exchange against an export of goods or services. It is the core proof of realization of export proceeds, replacing the old physical …
FIU-IND-related Policies & Procedures related to AML / CFT / CPF/ Designated Director and Principal Officer, Appointment of Designated Director (DD) Role of Designated Director : Person designated under Rule 2(1)(ba) of Prevention of Money Laundering (Maintenance of Records) Rules 2005, responsible for overall compliance with Chapter IV of the Prevention of Money Laundering Act …
FIU-IND Registration Requirement VDA Service Providers with FIU-IND FIU-IND Mandatory registration: In accordance with the Prevention of Money-Laundering Act, 2002 (PMLA) and the Prevention of Money-Laundering Rules (PMLR), registration with FIU-IND is a mandatory prerequisite for all Virtual Digital Asset Service Providers (VDA SPs) engaged in activities notified by the Central Government under Notification S.O. …
Basic Comparison between Revised, Belated, and Updated Return Revised Return – Section 139(5) A revised return is filed when a taxpayer has already filed an original or belated return and later discovers any mistake, omission, or wrong statement (income missed, wrong head, incorrect deductions, etc.). Time limit for Revised Return – Section 139(5), like example …
Foreigners Visiting India Can Now Use India’s digital payments ecosystem Without an Indian Bank Account India’s digital payments ecosystem just became truly global. Foreign tourists and visitors can now make UPI payments in India without opening an Indian bank account, marking a major step in making India a cash-light, tourist-friendly economy. What’s Changed? Earlier, UPI …
500% TARIFF = INDIA–USA TRADE EARTHQUAKE Bill Threatening 500% Tariff on India for Russian Oil Trade Gets Trump’s Nod. A major escalation risk has emerged in global trade and geopolitics. US President Donald Trump has “greenlit” the bipartisan Graham–Blumenthal Russia Sanctions Bill, which if passed could allow the U.S. to impose tariffs up to 500% …
FAQs on DIR-3 KYC Q.1 – Who is susceptible to fill the form DIR-3 KYC? Ans : Persons who have DIN registered under their names on 31 March and haven’t filed Form DIR-3 KYC within the previous year are vulnerable to file Form DIR-3 KYC within the current year. Moreover, those who have already filed the Form but …