IFSC AML framework for entities operating within GIFT City. In the context of the International Financial Services Centres Authority AML framework, particularly for entities operating within GIFT City, it is critical to safeguard against Money Laundering, Terrorist Financing, and Proliferation Financing. When performing a Customer Risk Assessment, an International Financial Services Centres Authority entity must …
Overview Udyam Registration Process for Micro, Small, and Medium Enterprises Udyam Registration process is a streamlined, mandatory online registration introduced by the Ministry of MSME in India. This process, which replaced the Udyog Aadhar Memorandum, began on May 13, 2020, and became mandatory from July 1, 2020, for all MSMEs. The process simplifies the registration …
Second Special All-India Campaign to identify & cancel fake or bogus GST registrations The CBIC along with state tax authorities, has launched the Second Special All-India Campaign to identify and cancel fake or bogus Goods and Services Tax registrations. This initiative aims to ensure a fair and compliant trade environment, reducing tax evasion and promoting …
Provisions of the Amendment- Choice of Taxation of Capital Gain Scheme Budget 2024 provide relief applies to individuals and Hindu Undivided Families (HUF) who transfer long-term capital assets, specifically land or buildings or both. Following Choice of Taxation of Capital Gain Scheme : – Taxpayers can opt to compute their taxes under either the …
Budget 2024 Key announcements related to MSME & Startups MSMEs are finding relief following Finance Minister Nirmala Sitharaman’s budget announcements, which are expected to significantly boost these vital businesses. Overall, the budget introduces a transformational package aimed at revitalizing the MSME sector, with significant emphasis on financial support, technological upgrades, and regulatory changes to enhance …
Overview on Vivad Se Vishwas Scheme 2024 Vivad Se Vishwas Scheme 2024 offers a streamlined process for taxpayers to resolve long-standing tax disputes efficiently. By providing a clear path to settle disputes, the scheme aims to reduce litigation, bring relief to taxpayers, and enhance the efficiency of tax administration. The Vivad Se Vishwas Scheme 2024, …
FIU – IND Reporting Guide for Entities on Financial Intelligence Network 2.0 Portal FIU-IND stands for the Financial Intelligence Unit of India, the central national agency responsible for collecting intelligence related to financial transactions in India. Its primary function is to safeguard India’s financial system from the adverse impacts of money laundering, terrorist financing, and …
Frequently asked questions on Section 43B(h) of the Income Tax Act Q: When will the amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) of the Income Tax Act come into effect? Ans. The amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) has taken effect from …
Frequently Asked Questions – New Capital Gains Taxation Regime Finance Minister Nirmala Sitharaman presented the full Budget for this fiscal year on July 23, announcing several significant changes to the capital gains tax regime. Here’s a comprehensive guide to the major changes and their implications: How Capital Gains from Equity Mutual Funds and Other Assets …
Guide to Choosing Correct ITR Form for Stock Market Income For those whose yearly income exceed the basic exemption limit, they must file an ITR. To finish the electronic filing of their income tax returns, taxpayers must fill out a variety of paperwork. These ITR forms are divided according to the type of income. But …