News | Tax

I-T exemption limit for leave encashment upon retirement for salaried employees hiked to Rs25 lakh

MAS Team 01 June 2023
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According to the Budget announcement, the finance ministry raised the tax exemption ceiling for leave encashment upon retirement for private sector...

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Revised TCS Rates on Foreign Remittances: Implications and Compliance Guidelines

MAS Team 24 May 2023
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A significant change was made to the tax collected at source (TCS) rates on international transfers made under the Liberalised Remittance Scheme...

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E-Filing Made Easy: File Your Income Tax Returns for AY23-24 with ITR-1 and ITR-4

MAS Team 24 May 2023
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In an effort to make the tax filing process simple and more convenient to taxpayers, the Income Tax Department has introduced an online platform for...

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New Rule Imposes 20% Tax on Overseas Credit Card Expenses for Indians

MAS Team 19 May 2023
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According to clarifications provided by the finance ministry regarding changes to the foreign exchange management rules published earlier this week,...

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Important Income Tax deadlines to keep in Mind for May 2023

MAS Team 06 May 2023
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Staying on top of tax-related deadlines is essential for minimizing tax deductions and maximizing the benefits of government tax-saving schemes. The...

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Pre-validation of Bank Account on Income Tax E-filing Portal: A Crucial Step for Hassle-Free ITR Filing

MAS Team 06 May 2023
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As the month for filing income tax returns begins, it is important to ensure that all necessary steps have been taken to avoid losing your...

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In order to assist you, the income tax department has launched a tax calculator. You can use it here.

MAS Team 25 February 2023
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To assist taxpayers in determining whether the old income tax regime or the new income tax regime will be better for them in the fiscal year...

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CBDT releases ITR forms for FY 2022-23 (AY 2023-24)

MAS Team 16 February 2023
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During the current fiscal year, 2022–2023, the Central Board of Direct Taxes (CBDT) has announced the ITR forms ITR-1 to ITR-6 (AY 2023-24).

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Government extends deadline for reinvestment of capital gains tax on property until March 31, 2023

MAS Team 09 January 2023
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The Central Board of Direct Taxes (CBDT) has extended the last date for individuals who wanted to save Long-term capital gains (LTCG) tax under...

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PAN not linked with Aadhaar by end of March 2023 to be rendered inoperative: I-T Department

MAS Team 31 December 2022
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The Income Tax department on December 24, 2022 issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the...

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder