NFRA has imposed a significant penalty INR 2.5 crore The National Financial Reporting Authority (NFRA) has imposed a significant penalty on M/s Shridhar & Associates and CA Ajay Vastani, totaling ₹2.5 crore, due to various audit violations during their audit of Reliance Commercial Finance Limited (RCFL) for the fiscal year 2018-19. This decision highlights the …
Change in introduced in Budget, 2024-25 in F&O transactions If Futures & Options profits are reclassified as ‘speculative income’ in the forthcoming Budget 2024-25, several significant changes and implications would arise for traders and the broader financial market. The reclassification of Futures & Options profits as ‘speculative income’ in the forthcoming Budget 2024-25 would have …
Practice Avenues for Social Auditors- Opportunities for Social Auditors: SEBI vide its notification dated 25th July 2022 has made amendments to the Securities and Exchange Board of India (ICDR) Regulations, 2018, and Securities and Exchange Board of India (LODR) Regulations, 2015 to provide Social Enterprises with additional avenues to raise funds through the SSE, which …
Basic myths about CA Examination Preparation CA is an Exceptionally Difficult Course The CA curriculum is undoubtedly challenging, with its three levels of examinations and three years of practical training. The syllabus is extensive, requiring both practical and theoretical knowledge. However, with proper planning, hard work, and smart study techniques, success is achievable. Utilizing resources …
Year End Compliance Perspective Checklist for 31st March The company must ensure that the required TDS, GST, ESI, and PF have been collected and paid. Checking the closing stocks as of March 31: The amount and item-by-item value of closing stocks as of March 31, 2024 are necessary for both tax audits and book closings. …
TURNAROUND OF WHOLESALE & RETAIL SECTOR UNDER IBC 2016 Legal environment of a country plays a pivotal role in its economic development, and a robust and effectively implemented legal system strengthens the country’s global standing. Following the implementation of the Goods and Services Tax, the IBC has become the second most significant reform in India’s …
Completed Understanding the Lower Deduction Certificate of TDS A Lower Deduction Certificate of Tax Deducted at Source is a certificate issued under Section 197 of the Income Tax Act, 1961. It allows a taxpayer to have tax deducted at a lower rate or not at all, under specific conditions. Here’s a detailed breakdown of Section …
List of Professions or Businesses, which cannot Opt for Presumptive Taxation Schemes U/s 44AD Section 44AD is applicable to any Hindu Undivided Family (HUF), resident individual or partnership firm (excluding LLPs) engaged in eligible business, with total turnover or gross receipts not exceeding INR 2 Crores in a financial year. From FY 2016-17 onwards, professionals …
Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024 These updates in the ITR forms for FY 2023-24 aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. …
What is the process of Adjustment of income tax refund against Income tax demand? Adjusting an income tax refund against a Income tax demand occurs when the tax authorities set off any tax refund due to a taxpayer against the Income tax liabilities or Income demands that the taxpayer owes. Section 245(1) of the Income-tax …