In the dynamic arena of finance, Chartered Accountants (CAs) have historically been synonymous with audit and accounts functions. However, their role has evolved over the years, branching into income tax and establishing them as pivotal players in providing a diverse array of services. This extends from aiding clients in filing returns to offering critical advice, …
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Introduction In the realm of financial regulations, the Foreign Exchange Management Act (FEMA) plays a pivotal role, particularly for residents outside India holding a Permanent Resident status. This blog aims to shed light on Schedule I and Schedule II of FEMA, focusing on capital account transactions of individuals falling under the purview of Persons Resident …
Introduction: In a remarkable feat, the Central Board of Direct Taxes (CBDT) achieved a historic milestone with an astounding 8.18 crore Income Tax Returns (ITRs) filed for the Assessment Year 2023-2024 by December 31, 2023. This noteworthy achievement, marking a 9% increase compared to the previous year, stands testament to the dedication of taxpayers and …
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