Dhilu Joseph & Associates

22/11/2025

22/11/2025

update CGAS!
Government has expanded the network of banks authorized for Capital Gains Account Scheme (CGAS) deposits.
Now more private & small finance banks can accept CGAS deposits, making it easier to park unutilised capital gains and claim tax exemptions

03/07/2025

1. The Digital Balance Confirmation Portal (DBCP) has been conceptualized and developed by the Indian Banks’ Association (IBA) with knowledge assistance where relevant from the Institute of Chartered Accountants of India (ICAI). PSB Alliance Private Limited (PSBA) and National e-Governance Services Limited (NeSL) have jointly developed this application which is developed, hosted and maintained by NeSL . The objective of this portal is to provide a transparent, streamlined, and fully digital platform for auditors, auditee entities, and banks to manage the entire process of consent management, requesting, generating, and deliverance of digitally signed bank balance confirmation certificates.

2. As of now, the portal is available for digital mode of bank balance confirmations for Canara Bank, Punjab National Bank, Bank of Maharashtra and UCO. Hence if any of your audit clients are banking with the above banks, digital confirmation certificates will be feasible

3. The portal envisages the following simple steps

a. Registration of Auditee – Client

b. Registration of the auditor

c. Linkage of the bank by the client

d. Linkage of the auditor by the auditee – client

e. Request for certificate by the auditor

f. Payment by Auditee – client

g. Generation of Digitally signed certificate

23/05/2025

🧾 GST REVERSE CHARGE ON RENT PAID TO UNREGISTERED PERSONS
📅 Know the Rules | Stay Compliant

🔍 What is RCM (Reverse Charge Mechanism)?
Under GST, RCM means the recipient of goods or services pays the tax instead of the supplier.

🏠 Scenario: Rent Paid to an Unregistered Person
👤 Landlord ❌ Unregistered under GST
🏢 Tenant ✅ Registered under GST
💰 Service Renting of immovable property
📌 Taxpayer Type Business Entity

⚠️ Is GST RCM Applicable?
✅ Yes, BUT ONLY IF the property is rented for business purposes by a registered person.

📌 NOT APPLICABLE if:

The tenant is unregistered

The use is for personal purposes

The landlord is located in a different state (if IGST not applicable based on place of supply rules)

📊 RCM COMPLIANCE CHECKLIST
✅ Tenant is GST registered
✅ Property used for business
✅ Supplier (landlord) is unregistered
✅ Tenant pays GST under RCM @ applicable rate (typically 18%)
✅ Claim ITC on tax paid under RCM (if eligible)

📥 How to Report in GSTR-3B
Add in Table 3.1 (d) - Inward supplies liable to RCM

Pay via cash ledger

Claim ITC in Table 4A

🛑 PENALTIES FOR NON-COMPLIANCE
Interest on late payment

Penalty under Section 122 of CGST Act

02/05/2025

📣 Historic Day for Kerala and India! 🇮🇳

Today, Prime Minister Narendra Modi inaugurated the Vizhinjam International Seaport in Thiruvananthapuram, marking a monumental leap in India's maritime journey.

🚢 Key Highlights:

India's first deep-water transshipment hub, strategically located just 10 nautical miles from a major international shipping route.

Developed under a public-private partnership between the Government of Kerala and Adani Ports, with a total investment of ₹8,867 crore.

Equipped with advanced semi-automation and an AI-powered vessel traffic management system, setting new standards in port operations.

This port is poised to reclaim a significant share of India's transshipment traffic, which previously relied heavily on foreign ports, leading to substantial foreign exchange losses.

Kerala Chief Minister Pinarayi Vijayan hailed the inauguration as "a proud moment for the country" and "the dawn of a new era" in India's maritime sector.

The Vizhinjam Seaport stands as a testament to India's commitment to enhancing its infrastructure and bolstering economic growth.

30/04/2025

🚨 Income Tax Filing Just Got Simpler! 🚨
The Income Tax Department has rolled out ITR-1 (Sahaj) and ITR-4 (Sugam) forms for AY 2025–26, with a major update:
👉 Now you can file ITR-1 even if you have Long-Term Capital Gains (LTCG) up to ₹1.25 lakh!
No more switching to complex forms like ITR-2 for small mutual fund or equity gains.
✅ ITR-1 (Sahaj): For resident individuals earning up to ₹50 lakh from salary, one house property, interest, and small LTCG.
✅ ITR-4 (Sugam): For individuals, HUFs, and firms (except LLPs) with income up to ₹50 lakh from business/profession.
📢 A big relief for salaried taxpayers and small investors!

30/04/2025

Income Tax Slab Old Vs New Regime 2024-25

28/04/2025

🌎✨ Where Taxes Are High, But So Is Happiness! ✨🌎
Did you know? In some countries, more than HALF of your income goes to taxes! 😱💸
But guess what? People there are still among the happiest in the world! 🌈😃
🔹 Ivory Coast: 60%
🔹 Finland: 56.95%
🔹 Denmark: 56%
🔹 Japan: 55.97%
🔹 Austria: 55%
🔹 Sweden: 52.9%
🔹 Belgium: 50%
So why are they smiling? 😍
Because in exchange for high taxes, citizens get AMAZING benefits: 🏥 Free healthcare & insurance
🏡 Housing assistance
👶 Support for families and children
👵 Generous pensions after retirement
🛡️ Unemployment benefits
♿ Full support for people with disabilities
🎓 Free or affordable education
💬 In Finland, for example, even if someone loses their job or faces illness, the government steps in with financial aid and healthcare — ensuring no one is left behind. 🙌
No wonder Finland ranked #1 in the World Happiness Report 2024! 🏆🇫🇮
👉 High taxes might seem tough, but they create a secure, happy, and caring society. 🌟
Would you pay higher taxes if it guaranteed a better life for all? 🤔💬

25/04/2025

:

💰 How Much Cash Can You Legally Keep at Home in India? 🇮🇳

We often hear about IT raids seizing huge amounts of cash from homes and offices. Naturally, it makes us wonder – Is there a legal limit on keeping cash at home?

✅ The truth: There is NO legal limit on how much cash you can keep at home.

BUT... 📌
➡️ The cash must be from a legitimate source
➡️ It should be declared in your Income Tax Returns (ITR)
➡️ You must be able to explain the source if questioned

🚨 If you can't explain the source, the Income Tax Department may treat it as undisclosed income – and charge up to 78% in taxes & penalties!

📒 So what should you do?
✔️ Keep proper records
✔️ Match your cash with your income/savings
✔️ Maintain clean books if you're a business owner

🛡️ Keeping cash is not illegal. But transparency and documentation are your best friends.

👉 Stay informed. Stay safe.

25/04/2025

Gold Ownership & Income Tax Rules In India: How Much Gold Can You Keep At Home?

According to the Central Board of Direct Taxes (CBDT),
gold purchases made with revealed income sources and exempted revenue such as agricultural income, legally inherited money that could be explained, and a reasonable amount of household savings will not be taxed.

Following is the allowed gold limit per person in India

Unmarried Woman 250 grams
Unmarried Man 100 grams
Married Woman 500 grams
Married Man 100 grams

Note that income tax officials can not take gold jewellery from your home during the search operations if the quantity is within the allowed bracket.

According to CBDT rules, if gold or jewellery is purchased using disclosed sources of income such as agriculture, household savings, or legal inheritance, it is not subject to taxation. There is no limit on keeping gold or jewellery as long as they are bought using known sources of income.