News | Tax

Tax Benefits for Senior Citizens: Understanding Section 80TTB

Section 80TTB of the Income Tax Act presents senior citizens with advantageous tax benefits concerning the interest income garnered from various...

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CBDT Announced Advance Notification of Income Tax Return Forms for AY 2024-25

In a proactive move, the Central Board of Direct Taxes (CBDT) has unveiled Income Tax Return Forms well ahead of time for the Assessment Year 2024-25.

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Robust Growth in Direct Tax Collections Sets Positive Tone for Fiscal Year

India's gross direct tax collections have exhibited a robust performance, surpassing last year's figures by 17.5%, according to data released by the...

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TCS Rates Hiked for Forex Outward Remittances on overseas investments

The government of India has announced an increase in the tax collection at source (TCS) rates for forex outward remittances made by resident...

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Income Tax Returns Processing Time Reduced to 10 Days

The Central Board of Direct Taxes (CBDT) announced a significant reduction in the average processing time for income tax returns (ITRs) following...

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Ensure Validity of Your Income Tax Return: Complete E-Verification Today

The income tax return (ITR) filing process is a crucial financial responsibility, and its completion entails more than just submitting the necessary...

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Rise in Taxpayer Adoption of New Regime

A significant shift in the tax landscape of India has been witnessed as around 5.5 crore taxpayers are estimated to have transitioned to the new...

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Revamped Tax Exemption Norms for Life Insurance Policies

The Central Board of Direct Taxes (CBDT) has recently introduced a significant shift in the tax exemption regulations surrounding life insurance...

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PAN became inoperative for some NRIs: Impact and Solution

In the midst of filing their income tax returns (ITR) for the current year, many NRIs (non-resident Indians) are experiencing a dilemma. Since their...

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Avoiding Tax Credit Mismatches: A Guide to rectify TDS mismatch

Taxpayers are reminded to file their Income Tax Returns (ITR) for the financial year 2022-23 or assessment year 2023-24 within the remaining month to...

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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