CA Shorts

After hotel, hospital and shopping bills, Income Tax department targets Rs 15,000 crore evasion The Income Tax Department has reportedly issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for discrepancies in their reported incomes.  This action comes alongside the Central Board of Direct Taxes' (CBDT) recent directive to monitor rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, urging the department to approach these cases in a "non-intrusive" manner. https://lnkd.in/gr4QetC3

No indexation benefit even for LTCG on debt mutual fund investments made before April 1, 2023 These debt mutual funds taxation rules changed: The government has rationalised the capital gains taxation rules. The new tax rules will impact debt mutual fund investments made on or before March 31, 2024, to avail of the indexation benefit. Redemptions and transfers made on or after July 23, 2024, will be taxed at the new LTCG tax rate of 12.5% without indexation benefit, provided debt mutual funds were held for more than 24 months. https://lnkd.in/dNjFdn6P

Can a professor, lawyer or doctor give investment advice? Sebi has a plan Sebi proposes part-time investment advisor and research analyst roles, allowing professionals like professors and doctors to offer investment advice. Current RIAs have mixed views on the feasibility and effectiveness of parttime advisors. https://lnkd.in/gTDTv2YY

ITR processing delays: Reasons why your tax refunds are stuck and what you can do now The income tax return filing deadline came to an end on July 31, with over 7 crore taxpayers filing their returns within the set time-frame. As per the Income Tax Department’s website, 7.42 crore returns have been filed as of August 21, of which 7.10 crore ITRs are verified. https://lnkd.in/gDG3nN_C

RBI Launches Nationwide Quiz for Undergraduate Students The Reserve Bank of India (RBI) is pleased to announce the launch of the RBI90Quiz for college students at the undergraduate level. The quiz is a nationwide competition being held as part of the events to commemorate 90 years of RBI’s functioning. RBI90Quiz is general knowledge based and will feature a multi-level competition, commencing with an online phase, followed by state and zonal level rounds and culminating in a national final. https://lnkd.in/gVPHQ-5p

GST Authority must consider the rectification application of the Assessee due to an inadvertent error made in Form GSTR-1 The Hon’ble Madras High Court in Veeran Mehhta v. Deputy Commercial Tax Officer and Deputy State Tax Officer [Writ Petition No. 15789 of 2024 dated June 25, 2024], directed the disposal of the Order dated January 22, 2024, which was based on a belatedly filed Form GSTR-1, for the wrong assessment period. The Court further held that no recovery or coercive measures could be initiated until the Assessee’s rectification petition was resolved. https://lnkd.in/gRaS6qZf

IRDAI instructs insurance companies to upload policyholders' KYC information to CKYCRR's website In an important instruction to insurance companies, regulator IRDAI said that they will now have to upload the verified KYC information of existing policyholders to the website of Central Records Registry (CKYCRR). The step has been taken to increase transparency and security of financial transactions. https://lnkd.in/gUw88neW

Rs 15 lakh in SCSS vs Retirement Funds: Which will give more returns in current market conditions With age, senior citizens tend to prefer conservative financial strategies to protect their funds from high risks. They prioritize easily accessible investments to manage unexpected situations. However, some retirement funds, despite the risk attached, have given good returns. https://lnkd.in/gUfi_3tZ

Funding constraints to hinder NBFCs' growth after two strong years: Icra Non-Banking Financial Companies (NBFCs) are expected to face challenges related to funding availability, which could slow their growth compared to the strong expansion seen in the past two financial years, according to a report by icra. https://lnkd.in/gTTyiTQe

No indexation benefit if property sold at a loss: Long-term capital loss to hit taxpayers harder The Budget 2024 introduced significant changes in the taxation of long-term capital gains (LTCG) from the sale of a capital asset, including land or buildings. https://lnkd.in/gkh7chH6