Understanding Schedule FA for Foreign Assets and Income Within Income Tax Return (ITR) Forms 2 and 3, Schedule FA stands out as a critical yet complex section designed for reporting foreign assets, income, and beneficial ownership. Introduced to combat tax evasion and money laundering, Schedule FA has been a mandatory inclusion since the fiscal year … Continue reading Navigating Foreign Income Reporting in Your ITR
Author: Editorial Staff
26+ Key Amendments Introduced in Notification No. 12/2024 on 10/07/2024
On 10th July 2024, the Central Government, following the counsel of the GST Council, unveiled substantial modifications to the Central Goods and Services Tax (CGST) Rules, 2017, through Notification No. 12/2024-Central Tax. This transformative measure aims to enhance procedural efficiency, ensure greater compliance, and address various GST operational facets. Here is an expert analysis of … Continue reading 26+ Key Amendments Introduced in Notification No. 12/2024 on 10/07/2024
India’s Path to Superpower by 2047—Triumphs and Trials
India stands on the cusp of a transformative journey towards superpower status by 2047, according to the seasoned insights of Martin Wolf, the chief economics commentator at the Financial Times. Despite the inevitable hurdles, such as a sluggish global economy and a precarious international environment, India’s trajectory remains promising. Wolf underscores that India’s ambition to … Continue reading India’s Path to Superpower by 2047—Triumphs and Trials
🇮🇳 Eighth Pay Commission
As the 2024 Budget looms, a pivotal proposal has surfaced, calling for the establishment of the Eighth Pay Commission. This commission is tasked with reassessing the pay scales, dearness allowances (DA), pensions, and various benefits for central government employees and pensioners. In a compelling appeal, Shiv Gopal Mishra, Secretary of the National Council (staff side, … Continue reading 🇮🇳 Eighth Pay Commission
GST Shock—Baby Food Products with Non-Milk Ingredients Hit with 18% Tax
In a landmark ruling, the Rajasthan Authority for Advance Rulings (AAR) has determined that baby food products containing ingredients other than milk could now be subjected to an 18% Goods and Services Tax (GST), a stark increase from the 5% rate applicable to pure milk products. This precedent-setting decision could have far-reaching implications for the … Continue reading GST Shock—Baby Food Products with Non-Milk Ingredients Hit with 18% Tax
Cracking the Financial Matrix of CIBIL Score for Home Loan
When navigating the intricate landscape of home loans, the CIBIL score emerges as a pivotal determinant of eligibility and loan conditions. A robust CIBIL score not only elevates your chances of securing a home loan but also plays a crucial role in dictating the interest rates extended to you. This analysis will delve into the … Continue reading Cracking the Financial Matrix of CIBIL Score for Home Loan
Sharan Hegde’s Financial Advisory Venture—A Litmus Test for SEBI’s Regulatory Framework
In the ever-evolving landscape of financial advisory, Sharan Hegde’s burgeoning empire stands at the intersection of innovation and regulation, challenging the boundaries set by the Securities and Exchange Board of India (SEBI). The journey of Hegde, who ascended from a management consultant at PwC to a financial influencer with a staggering six million followers, epitomizes … Continue reading Sharan Hegde’s Financial Advisory Venture—A Litmus Test for SEBI’s Regulatory Framework
Groundbreaking Verdict—GAAR’s First Blow to Bonus-Stripping Tax Schemes
In an unprecedented legal precedent, the Telangana High Court has rendered its first judgment concerning the General Anti-Avoidance Rules (GAAR), a seminal provision within the Indian Income Tax Act, 1961, that was activated from the financial year 2017-18. GAAR bestows extensive powers upon the Indian Revenue Authorities (IRA), enabling them to recharacterize transactions, disregard components … Continue reading Groundbreaking Verdict—GAAR’s First Blow to Bonus-Stripping Tax Schemes
Union Budget 2024—The Pivotal Role of GST Collection in Shaping India’s Economic Blueprint
In a landmark achievement for India’s fiscal landscape, the Goods and Services Tax (GST) collections soared to an unprecedented ₹2.1 lakh crore in April 2024, marking a substantial 12.4% year-on-year growth. As Union Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget 2024-25 on July 23, these staggering figures are set to play a … Continue reading Union Budget 2024—The Pivotal Role of GST Collection in Shaping India’s Economic Blueprint
Immediate Taxation Parity for Bank Deposits—A Crucial Move, Advocates SBI’s Economic Research
In a striking revelation, State Bank of India’s Economic Research Department (ERD) has underscored the urgent necessity for taxation parity on bank deposits, encompassing both demand and time deposits, to align with other investment avenues. This call to action is driven by the noticeable shift of investors towards alternate asset classes that are currently yielding … Continue reading Immediate Taxation Parity for Bank Deposits—A Crucial Move, Advocates SBI’s Economic Research