Understanding your true financial position is the foundation of smart money management in today’s fast-paced world. It’s no longer enough to simply budget and save— clarity begins with knowing exactly where you stand financially at any given moment. One of the most effective tools to gain this insight is a personal balance sheet. Although many individuals track monthly expenses or monitor credit card bills, few…
Since its rollout in 2017, the Goods and Services Tax (GST) has seen several structural refinements. One of the most anticipated reforms currently under discussion is GST rate rationalisation, aimed at simplifying the tax structure and addressing long-standing concerns from industry stakeholders. How GST is Currently Structured Currently, the GST regime consists of four primary tax slabs—5%, 12%, 18%, and 28%—along with exempted and zero-rated…
Liberalized Remittance Scheme (LRS) was introduced in 2004 by the Reserve Bank of India (RBI) as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. The Regulations are amended by the RBI from time to time to incorporate the changes in the regulatory framework. Remittance Limit under LRS: Under the LRS, the…
In the accounting profession, where accuracy, compliance, and timeliness are paramount, employee transitions can significantly impact both operations and reputation. Whether the change occurs within an accounting firm or a company’s internal finance team, managing the process thoughtfully is essential to avoid disruptions and ensure continuity. Employee movements —such as resignations, internal transfers, extended leaves, or new hires—are a natural part of any organization. However,…
What is FLA Return? The Foreign Liabilities and Asset (FLA) Return is an annual return filed with the Reserve Bank of India (RBI), based on the applicability of certain provisions under the Foreign Exchange Management Act, 1999 (FEMA). Applicability of the Annual FLA Return The annual FLA Return must be submitted by entities that have received Foreign Direct Investment (FDI) and/or made overseas investments (FDI abroad)…
The Central Board of Direct Taxes (CBDT) has granted taxpayers a welcome breather by extending the income tax return filing deadline from 31st July 2025 to 15th September 2025. In the past, deadline extensions have been granted for various reasons, often following persistent representations had to be made in past by professional bodies and industry associations. While exceptional situations like the COVID-19 pandemic & natural…
As the guardians of financial integrity, Chartered Accountancy (CA) firms hold a dual responsibility — delivering expert financial guidance while safeguarding highly sensitive client information. From financial statements and tax records to business contracts and customer databases, the data the firm manages is invaluable. If mishandled, it can lead to severe consequences for clients and cause lasting damage to a firm’s credibility and trustworthiness. Why…
In the complex world of taxation, one element often determines whether a business or individual stays on the right side of the law: documentation. Proper recordkeeping is not just a best practice—it’s the foundation of tax compliance. Without it, even the most well-intentioned taxpayer can face audits, penalties, or missed opportunities for deductions and credits. Whether you are an individual, a small business, or a…
Have you ever stared at a GST demand order and wondered how long the appeal would drag on—or how many trips to different offices it would take? Those days might be numbered. On 24 April 2025, the Government of India switched on the long-awaited Goods and Services Tax Appellate Tribunal (GSTAT) and, with it, a fully digital portal that promises to make tax disputes quicker,…
In a significant step toward digitizing India’s regulatory ecosystem, the Reserve Bank of India (RBI) has rolled out PRAVAAH – the Platform for Regulatory Application, Validation And AutHorization. Designed as a secure, web-based portal, PRAVAAH is now the single-window interface for all regulatory applications submitted to the RBI. Starting May 1, 2025, RBI has mandated that all regulated entities—from banks and NBFCs to payment system…
