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"Is income tax audit mandatory if turnover is above ₹1 Crore?"

The answer depends on mode of receipts & payments (Cash vs Banking).

Income Tax Audit is governed by Section 44AB of the Income Tax Act.

The GST Council has announced significant changes to compliance requirements, effective January 1, 2026. These changes aim to streamline the filing process and enhance transparency, impacting all registered taxpayers. CAs must prepare clients for the new requirements immediately.

A step to step guide on schedule FSI, TR & FA

The Income-tax Act, 1961 mandates residents to declare foreign assets and income through specific schedules in the Income Tax Return (ITR):

• Schedule FA (Foreign Assets): For reporting foreign-held assets.
• Schedule FSI (Foreign Source Income): For detailing foreign-sourced income.
• Schedule TR (Tax Relief): For claiming tax relief under applicable DTAAs.

Goods and Services Tax (GST) is a significant tax reform in India, aimed at creating a unified taxation system. For businesses to comply with GST regulations, proper registration is essential. This guide details the step-by-step process of registering as a GST taxpayer, whether as a Normal Taxpayer, Composition Taxpayer, SEZ Unit, or others.

The Goods and Services Tax (GST) regime in India is constantly evolving to enhance transparency, simplify compliance, and ensure accuracy in Input Tax Credit (ITC) claims. One of the latest and most significant updates is the introduction of the Invoice Management System (IMS). This new functionality, rolled out by the GST Network (GSTN), is set to transform how businesses manage invoices and claim ITC.

In this post, we will break down what the IMS system entails, its features, and how businesses can navigate the system effectively to ensure compliance with the latest GST rules

On July 13, 2022, the Ministry of Finance issued Notification No. 05/2022-Central Tax (Rate), introducing key changes in the GST rules related to the renting of residential property. These changes are crucial for businesses and individuals renting residential properties, especially those registered under GST. The updated rules introduce Reverse Charge Mechanism (RCM) for certain rental agreements, with an 18% GST rate now applicable under specific circumstances.