INSANE: Ca | Rare Historical Photos

NRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax notice

Parents receiving money from their NRI children in India may enjoy tax exemptions on gifts, but large transactions can attract scrutiny from the Income-tax Department. Understanding when these transfers could prompt questions and how to document them properly is crucial for avoiding potential tax liabilities or notices. Learn about the…

The Economic Times · Oct 2

Property bought for ₹1.23 crore, its market value rose to ₹1.46 crore: Why ITAT Kolkata gave homebuyer ₹11.35 lakh tax relief

A recent ITAT ruling highlights a crucial tax issue for property buyers: an increase in stamp duty value between the agreement and registration dates doesn't automatically lead to tax liabilities. Taxpayers can protect themselves by documenting payments through banking channels and ensuring conditions are met. This case emphasizes the importance…

The Economic Times · Oct 1

Check gate before the horse bolts

India is facing challenges in managing foreign remittances, particularly concerning fraudulent transactions and proper certification. A proposed solution includes establishing a designated certification professional class to enhance accountability and quality. Introducing a pre-remittance window could allow better risk assessments and reduce fraudulent activities.

The Economic Times · Sep 30

She gave up CA career to become MMA referee: Meet Prachiti Nagpurkar, first Indian to officiate a bout at Asian Games

Maharashtra’s Prachiti Nagpurkar scripted history at the Asian Games by becoming the first Indian to referee a mixed martial arts bout at the continental multi-sport event, marking a major milestone after she left behind a career in chartered accountancy to pursue her passion for MMA officiating.

The Economic Times · Sep 22

Can India build its own Big Four? The battle moves to the rulebook

India is moving to reshape its accounting sector as ICAI prepares Chartered Accountants Act changes aimed at enabling larger domestic firms. Proposed reforms could ease mergers, allow capital infusion, expand multidisciplinary professional services and reshape networking rules, while government procurement changes may widen opportunities. The push seeks globally competitive Indian…

The Economic Times · Sep 21

The science on trans athletes is inconclusive. Cricket’s prejudice isn’t

If cricket fans across the eras are to be believed, the game has always been on the brink of extinction. The game should have died yesterday; somehow it survived today, but tomorrow it will definitely slip into oblivion. The unintended consequence of this perpetual mode of apprehension is that on…

Newslaundry · Sep 21

Income Tax Rules 2026 amended: CBDT revises Form 169, Form 171; extends these deadlines

The Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electronic communication and tax recovery processes. The deadlines for registering valuers and income tax professionals have been pushed back, allowing applicants until March 31, 2027, to finalize their registrations.

The Economic Times · Sep 19

Tax Audit Report deadline: Who needs to upload it by September 30, 2026

The deadline for uploading tax audit reports is set for September 30, 2026, specifically targeting certain taxpayers. Chartered accountants will manage the upload of the tax audit report on the e-filing portal, after which taxpayers need to accept and e-verify the tax audit report.

The Economic Times · Sep 18

Kore Digital shares crash 10% as Sebi alleges Rs 541 cr revenue misstatement, bars CEO, CFO and MD from capital market

Kore Digital shares plunged after Sebi barred the company and key executives from the securities market over alleged financial statement manipulation, non-genuine subsidiaries and diversion of preferential issue proceeds.

The Economic Times · Sep 18

Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?

Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, remains available for Tax Year 2026-2027. Unused portions of the exemption limit can offset special-rate capital gains after normal income is accounted for. Non-residents, firms, and companies…

The Economic Times · Sep 12