DPDP Act 2023: India’s Data Privacy Era Is Here. Is Your Business Ready? India has entered a new era of data privacy regulation with the introduction of the Digital Personal Data Protection (DPDP) Act, 2023 and the DPDP Rules, 2025. Together, these regulations establish a comprehensive framework governing how organizations collect, process, store, share, and …
CBDT Extends Tax Audit & ITR Due Dates for AY 2026-27 Relief for Taxpayers and Professionals: CBDT Extends Compliance Deadlines The long-awaited relief for taxpayers and professionals has finally arrived. The Central Board of Direct Taxes (CBDT) has officially announced an extension of the due dates for filing Tax Audit Reports and Income Tax Returns …
TAN Requirement Ends From 1 October 2026, but NRI Property TDS Continues The Income-tax (Fifth Amendment) Rules, 2026 bring a welcome compliance simplification. From 1 October 2026, a resident individual or HUF buying immovable property from a non-resident will no longer need a TAN. The buyer can instead deduct and deposit tax under their own …
Filing ITR in Response to a Section 148 Notice: Deadline & Action Plan The income tax return in response to a Section 148 notice must be filed within three months from the end of the month in which the notice is issued, or within any shorter period specified in the notice. Under the Finance Act …
ICAI Clarifies UDIN-Based Monitoring of the 60 Tax Audit Assignment Limit The Institute of Chartered Accountants of India has released FAQs and clarifications on how the ceiling on tax audit assignments will be enforced through the UDIN (Unique Document Identification Number) system. Background The Institute of Chartered Accountants of India has reminded members of the …
Buying Property from an NRI? No TAN Required from 1 October 2026 – Complete Guide to Form 141 Schedule E Buying property from a Non-Resident Indian (NRI) or any other non-resident has always come with heavier TDS paperwork than buying from a resident seller. From 1 October 2026, that changes significantly. The Central Board of …
FAQs on Merchant Discount Rate (MDR) The FAQ explains the proposed Merchant Discount Rate (MDR) on selected UPI Person-to-Merchant (P2M) transactions and clarifies that consumers will continue to use UPI free of cost. What is MDR? MDR (Merchant Discount Rate) is a fee charged to merchants for accepting digital payments. It is generally paid by …
Annual ROC & LLP Compliance: A Complete Guide for Companies, LLPs and Professional Firms As the financial year comes to a close, companies and LLPs must ensure timely completion of their annual statutory filings with the Registrar of Companies (ROC). Non-compliance can result in substantial penalties, additional filing fees, and regulatory complications. Therefore, proper planning …
Bulk UDIN Generation under ‘Tax Audit’ & ‘Audit & Assurance Functions’ The Unique Document Identification Number (UDIN) is an 18-digit unique number generated by ICAI for documents certified or attested by practising Chartered Accountants. Introduced in phases from 2019, UDIN helps prevent document forgery and enables regulators, banks, and other stakeholders to verify the authenticity …
Overview on Registration of Income-tax Practitioners (ITPs) as per New I Tax Act 2025 Section 515 of the Income-tax Act, 2025 – Authorised Income-tax Practitioners (ITPs) Section 515 of the Income-tax Act, 2025 provides a formal framework for representation of taxpayers before Income-tax Authorities and the Appellate Tribunal through an authorised representative. This section is …