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28AugThe Indian government is reassessing its plan to mandate joint audits for large companies, a proposal aimed at enhancing audit quality and accountability. Joint audits involve multiple audit firms collaborating to audit a single company, potentially improving financial transparency and reducing risks associated with audit failures. Background In recent years,
28AugThe Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax
25AugSection 44ADA – Presumptive Taxation Scheme for Professionals The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute
