Capital goods under GST refer to assets such as machinery, equipment, or vehicles that are used or intended to be used in the course or furtherance of business and that provide economic benefits over a period of more than one year. These assets are in the nature of long-term investments that contribute to income generation and are not consumed immediately in the normal course of…
Recently, thousands of taxpayers have received SMS alerts or emails informing them that their income tax refunds have been placed on hold by the Income Tax Department under its Risk Management Strategy. These communications have drawn widespread attention and concern, prompting the need to understand the intent, mechanism, and implications of such refund holds. The Risk Management Strategy (RMS) leverages data analytics, third-party information, and…
In today’s rapidly evolving technological landscape, artificial intelligence (AI) is reshaping financial reporting and auditing in profound ways. While AI significantly enhances efficiency, accuracy, and analytical depth, it also introduces new layers of complexity and risk that can affect the credibility of financial information. Amid these changes, auditors play a critical role in ensuring that financial reports remain reliable, transparent, and compliant with regulatory standards,…
Inheritance is a vital component of personal financial planning and wealth management. In India, although inheritance benefits from a favourable tax regime, inadequate planning and lack of legal clarity often result in disputes, procedural delays, and unintended tax exposure for heirs. With this context, the article explores the legal meaning of inheritance, its importance, the tax treatment under the Income Tax Act, 1961, and the…
GST in India is steadily moving toward a system-driven, automated compliance environment, where returns will be generated automatically and taxpayers will mainly review and confirm data instead of preparing or editing returns. In this evolving ecosystem, the accuracy and quality of the data you submit today will determine how seamless your GST compliance becomes tomorrow. 1. Automated Returns and the Direction GST Is Headed The…
In a significant move for India’s corporate landscape, the Ministry of Corporate Affairs (MCA) has again expanded the definition of a “Small Company” under the Companies Act, 2013. The revised thresholds — ₹10 crore paid-up capital and ₹100 crore turnover — mark a major step toward reducing compliance burdens for the country’s rapidly growing private companies. This update brings thousands of companies under a lighter…
On 13 November 2025, the Government of India officially notified the Digital Personal Data Protection Rules, 2025, signalling the full operationalisation of the DPDP Act, 2023. With this notification, the law moves from a policy framework to an enforceable compliance regime, activating several obligations immediately while assigning phased timelines for others over the next 12 to 18 months. For businesses processing personal data in India,…
As the calendar year draws to a close, this is the ideal time for organisations to review their key compliance areas and departmental processes. With 3–4 months still left before the end of the Indian financial year, companies can identify potential gaps or non-compliances and take timely corrective action. One critical area that calls for focused attention during this period is Payroll Processing. Conducting a…
Over the past few years, the Central Board of Direct Taxes (CBDT) has been making consistent and commendable efforts to introduce and upgrade various digital initiatives aimed at improving efficiency, transparency, and accountability within the income tax system. This initiative is a part of CBDT’s continuous endeavor to simplify compliance and enhance the taxpayer experience through digital empowerment. The department has been steadily integrating user-friendly…
Ever wondered whether your business truly needs an audit? For many small and mid-sized companies, the answer is no — but that doesn’t mean you should overlook professional financial reporting. Meet SRS 4410 (Revised) – the ICAI standard that powers a smarter, simpler, and more efficient way to present your financials through a Compilation Engagement. What Is SRS 4410 – and Why It Matters SRS…
