Resident but Not Ordinarily Resident (RNOR) tax status in India Who is a Resident but Not Ordinarily Resident (RNOR)? RNOR Status: The Hidden Tax Advantage for Returning NRIs. RNOR is a special tax classification under Indian income tax law. It applies to returning NRIs and provides a bridge between full non-resident and resident status—offering limited-time …
Comprehensive Guidance by Peer Review Board for Peer Reviewers The list you’ve shared outlines comprehensive advisories issued by the Peer Review Board for Peer Reviewers. This framework ensures you conduct peer reviews with integrity, quality assurance, and adherence to standards, while fulfilling all requirements of the ICAI Peer Review Board. Here’s a structured summary and …
Economic Curse of Terrorism & Strengthening Middle Class in current situation A. The Economic Curse of Terrorism: A Growing Risk to Investment, Valuation & Global Stability Terrorism is often seen through a geopolitical or security lens—but its economic consequences are equally severe & far-reaching. It undermines investor confidence, disrupts markets, & weakens the fundamental structures …
How to Respond to a GST Summon? What is a summon? A summons is a formal legal order requiring an individual to appear before a judge, magistrate, or authority for the purpose of giving evidence or responding to an inquiry. In simple terms, it’s a directive to mark one’s presence in connection with an investigation …
Simplification and Standardization Updated SOP for GST Registration CBIC Instruction No. 03/2025-GST (Dated 17.04.2025- Simplification and Standardization of GST Registration Process The Central Board of Indirect Taxes and Customs has issued revised guidelines to ensure uniformity, transparency, and efficiency in the GST registration process. To streamline GST registration, curb harassment, and promote taxpayer facilitation, especially …
Income Tax benefits decoded comparison of the old vs new income tax regimes for FY 2025–26 “Tax benefits decoded” offers a detailed comparison of the old vs new income tax regimes for FY 2025–26, helping taxpayers evaluate which regime is more beneficial based on their deductions and exemptions. Rebate under Section 87A for the FY …
Grievance Redressal Mechanism by CBIC for GST registration The Central Board of Indirect Taxes and Customs has issued Instruction No. 04/2025-GST, aimed at assisting individuals who face challenges during the GST registration process. These guidelines seek to ensure greater transparency, consistency, and ease in addressing applicant concerns. Central Board of Indirect Taxes and Customs Instruction …
Income Disclosed under Presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Cash deposits in bank A/c Cash deposits in bank A/c in cases where income is declared under presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Section 68 of the Income Tax Act can only be invoked when There is a credit entry in the …
Taxation on income from shares and mutual funds under various sections for FY 2024-25 Categories of Mutual Funds: Equity-Oriented Funds (EOFs) – >65% investment in equity shares of domestic companies. Specified Mutual Funds – <35% in equity (as per Finance Act 2023) / >65% in debt or debt-oriented FOFs (as per Finance (No.2) Act 2024, …
GSTN Advisory: Changes Effective from May 2025 Return Period Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A Key Highlights of GSTN Advisory – May 1, 2025 Background: As per Notification No. 78/2020 – Central Tax, dated 15th October 2020, taxpayers must report HSN codes in Table 12 …